Hanover Bancorp (NASDAQ:HNVR) Rating Increased 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 report published on Saturday.

Several other equities research analysts have also recently issued reports on HNVR. Zacks Research raised shares of Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Piper Sandler started coverage on shares of Hanover Bancorp in a research report on Friday, July 10th. They issued an “overweight” rating and a $26.50 target price for the company. Finally, Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $24.33.

Hanover Bancorp Stock Up 0.9%

HNVR stock opened at $25.01 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $179.00 million, a PE ratio of 19.69 and a beta of 0.11. The firm’s fifty day moving average is $23.62 and its 200 day moving average is $22.80. Hanover Bancorp has a one year low of $19.91 and a one year high of $25.75.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.01%. The firm had revenue of $19.57 million for the quarter, compared to analysts’ expectations of $19.83 million. On average, research analysts forecast that Hanover Bancorp will post 2.41 EPS for the current year.

Hanover Bancorp Dividend Announcement

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

Insider Activity

In related news, Director Robert Golden sold 1,295 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the completion of the sale, the director directly owned 31,702 shares in the company, valued at approximately $745,948.06. This trade represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 4,566 shares of company stock valued at $105,240 over the last ninety days. Corporate insiders own 24.38% of the company’s stock.

Institutional Trading of Hanover Bancorp

Hedge funds have recently made changes to their positions in the company. Fourthstone LLC increased its position in shares of Hanover Bancorp by 22.6% during the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after purchasing an additional 95,194 shares during the last quarter. Geode Capital Management LLC boosted its stake in Hanover Bancorp by 117.7% during the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock worth $2,294,000 after buying an additional 57,166 shares during the period. Corient Private Wealth LLC purchased a new position in Hanover Bancorp during the second quarter worth about $572,000. GM Advisory Group LLC acquired a new stake in shares of Hanover Bancorp during the fourth quarter valued at about $430,000. Finally, Citadel Advisors LLC acquired a new stake in shares of Hanover Bancorp during the third quarter valued at about $290,000. Hedge funds and other institutional investors own 15.02% of the company’s stock.

About Hanover Bancorp

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.