Hanover Bancorp (NASDAQ:HNVR) Stock Rating Lowered by Wall Street Zen

Hanover Bancorp (NASDAQ:HNVR) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday, Wall Street Zen reports.

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

Hanover Bancorp Stock Down 2.9%

HNVR stock opened at $25.73 on Friday. The firm has a market cap of $181.65 million, a PE ratio of 20.26 and a beta of 0.10. Hanover Bancorp has a 12 month low of $19.91 and a 12 month high of $27.94. 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 firm has a 50 day simple moving average of $26.72 and a 200 day simple moving average of $24.18.

Hanover Bancorp (NASDAQ:HNVR) last posted 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. The firm 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%. Equities research analysts forecast that Hanover Bancorp will post 2.38 earnings per share for the current fiscal year.

Insider Activity

In other Hanover Bancorp news, President Kevin O’Connor bought 10,000 shares of Hanover Bancorp stock in a transaction dated Thursday, July 30th. The stock was bought at an average price of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the acquisition, the president directly owned 12,300 shares of the company’s stock, valued at approximately $330,624. This trade represents a 434.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 24.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

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

About Hanover Bancorp

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.