Hanover Bancorp (NASDAQ:HNVR) Stock Rating Raised to Buy 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 note published on Monday morning,Wall Street Zen reports.

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

Hanover Bancorp Price Performance

HNVR stock opened at $25.68 on Monday. Hanover Bancorp has a one year low of $19.91 and a one year high of $27.94. The company’s fifty day moving average price is $26.78 and its 200-day moving average price is $24.34. 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 company has a market capitalization of $181.30 million, a PE ratio of 20.22 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR) last issued its earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The firm had revenue of $19.57 million during 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%. On average, equities analysts anticipate that Hanover Bancorp will post 2.39 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Thursday, August 6th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. Hanover Bancorp’s dividend payout ratio is presently 31.50%.

Insider Buying and Selling

In other Hanover Bancorp news, President Kevin O’Connor acquired 10,000 shares of the company’s stock in a transaction on Thursday, July 30th. The stock was acquired at an average cost of $26.88 per share, with a total value of $268,800.00. Following the purchase, the president directly owned 12,300 shares of the company’s stock, valued at approximately $330,624. This represents a 434.78% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 24.38% of the stock is owned by company insiders.

Institutional Trading of Hanover Bancorp

A number of large investors have recently made changes to their positions in the business. Deutsche Bank AG bought a new position in shares of Hanover Bancorp in the 2nd quarter valued at about $101,000. Algert Global LLC bought a new stake in Hanover Bancorp during the second quarter worth approximately $232,000. Bank of New York Mellon Corp bought a new stake in Hanover Bancorp during the second quarter worth approximately $258,000. Dimensional Fund Advisors LP raised its position in Hanover Bancorp by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after purchasing an additional 554 shares during the period. Finally, Corient Private Wealth LP purchased a new stake in Hanover Bancorp during the second quarter valued at approximately $985,000. 15.02% of the stock is currently owned by institutional investors.

About Hanover Bancorp

Hanover Bancorp, Inc was the holding company for Hanover Community Bank, a community-focused financial institution headquartered in Mineola, New York. The bank served individuals, small businesses and commercial customers in the New York metropolitan area, with a presence across Long Island and New York City.

Hanover Community Bank offered a range of banking products, including deposit accounts, residential and commercial real estate lending, multifamily loans, commercial and industrial financing, small-business loans, consumer lending and mortgage services.