Hanover Bancorp (NASDAQ:HNVR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Hanover Bancorp (NASDAQ:HNVR) from a hold rating to a buy rating in a research report released on Saturday,Wall Street Zen reports.

A number of other analysts also recently commented on HNVR. Zacks Research raised shares of Hanover Bancorp to a “hold” rating in a report on Monday, July 13th. Raymond James Financial assumed coverage on Hanover Bancorp in a research note on Wednesday, August 26th. They set a “market perform” rating on the stock. Piper Sandler upped their price target on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a report on Monday, July 27th. Finally, Weiss Ratings raised Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

Hanover Bancorp Trading Up 0.8%

NASDAQ:HNVR opened at $26.84 on Friday. Hanover Bancorp has a 1 year low of $19.91 and a 1 year high of $27.94. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a fifty day moving average price of $26.59 and a two-hundred day moving average price of $24.00. The stock has a market capitalization of $189.36 million, a price-to-earnings ratio of 21.13 and a beta of 0.10.

Hanover Bancorp (NASDAQ:HNVR) last issued its earnings results on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. The company had revenue of $19.57 million for the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.00%. As a group, sell-side analysts anticipate that Hanover Bancorp will post 2.4 earnings per share for the current fiscal year.

Hanover Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Thursday, August 6th. Hanover Bancorp’s dividend payout ratio (DPR) is 31.50%.

Insider Activity

In related news, President Kevin O’Connor bought 10,000 shares of Hanover Bancorp stock in a transaction that occurred on Thursday, July 30th. The shares were purchased at an average price of $26.88 per share, with a total value of $268,800.00. Following the purchase, the president owned 12,300 shares in the company, valued at $330,624. This represents a 434.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 24.38% of the stock is owned by corporate insiders.

Institutional Trading of Hanover Bancorp

A number of large investors have recently made changes to their positions in HNVR. Corient Private Wealth LP acquired a new position in Hanover Bancorp in the 2nd quarter valued at about $985,000. BlackRock Inc. acquired a new stake in shares of Hanover Bancorp during the 2nd quarter worth about $6,620,000. Susquehanna International Group LLP purchased a new stake in shares of Hanover Bancorp during the second quarter worth about $3,026,000. Bank of New York Mellon Corp purchased a new stake in shares of Hanover Bancorp during the second quarter worth about $258,000. Finally, Algert Global LLC purchased a new stake in shares of Hanover Bancorp during the second quarter worth about $232,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is a bank holding company that operates through Hanover Community Bank, a community-focused financial institution serving businesses, individuals and municipal customers. The bank is headquartered in Mineola, New York, and has historically focused its operations on Long Island and the New York City metropolitan area, including Nassau, Suffolk, Queens, Brooklyn and Manhattan.

Hanover Community Bank provides a range of deposit products, including checking, savings, money market and certificate of deposit accounts.