Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives $24.50 Average Price Target from Analysts

Hanover Bancorp, Inc. (NASDAQ:HNVR) has been assigned an average recommendation of “Hold” from the five ratings firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $24.50.

HNVR has been the subject of a number of recent research reports. Zacks Research upgraded Hanover Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, September 22nd. Piper Sandler lifted their price objective on Hanover Bancorp from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Wednesday, December 10th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday, December 29th.

Hanover Bancorp Price Performance

Hanover Bancorp stock opened at $23.51 on Friday. The firm has a market cap of $169.04 million, a PE ratio of 15.47 and a beta of 0.04. Hanover Bancorp has a 52-week low of $18.31 and a 52-week high of $27.00. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $22.90 and its two-hundred day moving average is $22.34.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.02). Hanover Bancorp had a return on equity of 7.20% and a net margin of 7.82%.The business had revenue of $18.01 million during the quarter, compared to analyst estimates of $18.90 million. On average, research analysts expect that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.7%. The ex-dividend date was Thursday, November 13th. Hanover Bancorp’s payout ratio is 26.32%.

Insider Buying and Selling at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $21.25, for a total value of $106,250.00. Following the sale, the director directly owned 80,769 shares in the company, valued at approximately $1,716,341.25. This trade represents a 5.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.76% of the company’s stock.

Institutional Trading of Hanover Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its holdings in Hanover Bancorp by 219.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after buying an additional 886 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Hanover Bancorp during the 2nd quarter worth about $30,000. Bank of America Corp DE lifted its stake in Hanover Bancorp by 3,744.7% during the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after purchasing an additional 1,423 shares during the last quarter. Strs Ohio acquired a new position in Hanover Bancorp in the third quarter valued at approximately $36,000. Finally, JPMorgan Chase & Co. purchased a new position in Hanover Bancorp in the second quarter valued at approximately $51,000. 15.02% of the stock is currently 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.