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 published on Sunday.

A number of other analysts have also recently commented on HNVR. Piper Sandler upped their price target on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a research report on Monday, July 27th. Zacks Research raised Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Finally, Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Hanover Bancorp has a consensus rating of “Hold” and an average price target of $26.25.

Hanover Bancorp Stock Performance

NASDAQ:HNVR opened at $27.12 on Friday. The company has a market capitalization of $194.18 million, a PE ratio of 21.35 and a beta of 0.09. The company has a 50 day simple moving average of $24.08 and a two-hundred day simple moving average of $22.98. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. Hanover Bancorp has a fifty-two week low of $19.91 and a fifty-two week high of $27.42.

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, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $19.83 million. Research analysts anticipate that Hanover Bancorp will post 2.4 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Thursday, August 6th. Hanover Bancorp’s payout ratio is 31.50%.

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 2,259 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total value of $51,482.61. Following the completion of the sale, the director directly owned 34,009 shares in the company, valued at $775,065.11. This trade represents a 6.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Kevin M. O’connor purchased 10,000 shares of the company’s stock in a transaction that occurred on Thursday, July 30th. The shares were purchased at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the purchase, the president owned 12,300 shares in the company, valued at $330,624. This trade represents a 434.78% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 4,566 shares of company stock worth $105,240 in the last three months. Insiders own 24.38% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

A number of institutional investors have recently modified their holdings of the company. Fourthstone LLC lifted its holdings in shares of Hanover Bancorp by 22.6% in 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 in the last quarter. Geode Capital Management LLC increased its stake in Hanover Bancorp by 117.7% during the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after purchasing an additional 57,166 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Hanover Bancorp by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock worth $683,000 after buying an additional 554 shares during the last quarter. Corient Private Wealth LLC acquired a new position in Hanover Bancorp during the second quarter worth $572,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Hanover Bancorp by 24.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock valued at $486,000 after buying an additional 4,356 shares in the last quarter. 15.02% of the stock is owned by institutional investors and hedge funds.

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.