Hanover Bancorp (NASDAQ:HNVR) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Hanover Bancorp (NASDAQ:HNVR) from a buy rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Several other research firms also recently issued reports on HNVR. Piper Sandler increased their price objective on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Zacks Research upgraded Hanover Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Weiss Ratings lowered shares of Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. Finally, Raymond James Financial started coverage on Hanover Bancorp in a report on Wednesday, August 26th. They issued a “market perform” rating for the company. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $28.50.

Hanover Bancorp Trading Up 0.4%

Shares of NASDAQ:HNVR opened at $23.43 on Friday. Hanover Bancorp has a 1 year low of $20.19 and a 1 year high of $27.94. The firm has a market capitalization of $165.42 million, a price-to-earnings ratio of 16.74 and a beta of 0.11. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50 day moving average price is $25.58 and its 200-day moving average price is $23.91.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Wednesday, October 28th. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $19.28 million for the quarter, compared to analysts’ expectations of $20.00 million. Hanover Bancorp had a net margin of 7.33% and a return on equity of 6.44%. On average, equities research analysts forecast that Hanover Bancorp will post 2.39 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 18th. Stockholders of record on Wednesday, November 11th will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. Hanover Bancorp’s dividend payout ratio (DPR) is currently 28.57%.

Institutional Trading of Hanover Bancorp

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

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the parent company of Hanover Community Bank, a community-focused banking institution headquartered in Mineola, New York. The bank provides a range of financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking channels.

Hanover Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and land loans, commercial business financing, home equity loans and consumer credit.