Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives Consensus Rating of “Hold” from Analysts

Hanover Bancorp, Inc. (NASDAQ:HNVR) has received a consensus recommendation of “Hold” from the five research firms that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $24.3333.

A number of research firms recently commented on HNVR. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Hanover Bancorp in a research note on Monday, December 29th. Zacks Research lowered Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Piper Sandler cut their price target on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a report on Friday, January 30th.

Institutional Trading of Hanover Bancorp

Several institutional investors have recently added to or reduced their stakes in HNVR. JPMorgan Chase & Co. increased its position in shares of Hanover Bancorp by 23.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after purchasing an additional 529 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Hanover Bancorp by 219.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after acquiring an additional 886 shares in the last quarter. Bank of America Corp DE raised its position in shares of Hanover Bancorp by 68.6% during the 3rd quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock valued at $55,000 after acquiring an additional 1,002 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new position in Hanover Bancorp in the second quarter worth $30,000. Finally, Strs Ohio bought a new stake in Hanover Bancorp during the third quarter valued at $36,000. 15.02% of the stock is owned by institutional investors and hedge funds.

Hanover Bancorp Stock Down 1.4%

HNVR stock opened at $22.78 on Thursday. The company has a fifty day moving average price of $23.39 and a 200 day moving average price of $22.45. Hanover Bancorp has a 12 month low of $18.31 and a 12 month high of $25.93. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.03. The company has a market cap of $163.79 million, a price-to-earnings ratio of 22.78 and a beta of 0.04.

Hanover Bancorp (NASDAQ:HNVR) last released its earnings results on Thursday, January 29th. The company reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.51). Hanover Bancorp had a net margin of 5.22% and a return on equity of 5.18%. The company had revenue of $18.60 million during the quarter, compared to analyst estimates of $18.85 million. Sell-side analysts expect that Hanover Bancorp will post 2.38 earnings per share for the current year.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, February 12th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. Hanover Bancorp’s dividend payout ratio is currently 40.00%.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.