Hanover Bancorp, Inc. (NASDAQ:HNVR) Given Average Rating of “Hold” by Brokerages

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have earned a consensus rating of “Hold” from the five brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $24.3333.

Several research firms recently weighed in on HNVR. Piper Sandler reduced their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday, December 29th. Finally, Zacks Research lowered shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th.

Hanover Bancorp Trading Down 1.0%

NASDAQ HNVR opened at $21.09 on Monday. Hanover Bancorp has a 12 month low of $18.31 and a 12 month high of $24.36. The stock has a 50-day simple moving average of $22.75 and a 200 day simple moving average of $22.50. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $151.64 million, a PE ratio of 21.09 and a beta of 0.07.

Hanover Bancorp (NASDAQ:HNVR) last issued its earnings results on Thursday, January 29th. The company reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.51). The company had revenue of $18.60 million for the quarter, compared to the consensus estimate of $18.85 million. Hanover Bancorp had a return on equity of 5.18% and a net margin of 5.22%. Research analysts forecast that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, February 12th. This represents a $0.40 annualized dividend and a yield of 1.9%. Hanover Bancorp’s payout ratio is currently 40.00%.

Institutional Investors Weigh In On Hanover Bancorp

Several large investors have recently modified their holdings of the business. Fourthstone LLC lifted its holdings in shares of Hanover Bancorp by 22.6% during the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $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 worth $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 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company’s stock worth $719,000 after buying an additional 534 shares during the period. Corient Private Wealth LLC acquired a new stake in Hanover Bancorp during the 2nd quarter worth approximately $572,000. Finally, Goldman Sachs Group Inc. lifted its stake in 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 currently owned by institutional investors.

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.