Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives Average Recommendation of “Hold” from Analysts

Hanover Bancorp, Inc. (NASDAQ:HNVR) has been given an average recommendation of “Hold” by the five ratings firms that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $24.3333.

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

Hanover Bancorp Trading Up 0.6%

NASDAQ HNVR opened at $23.55 on Thursday. 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 firm has a market cap of $169.32 million, a PE ratio of 23.55 and a beta of 0.04. The company has a 50 day moving average price of $23.34 and a 200 day moving average price of $22.42. Hanover Bancorp has a 52 week low of $18.31 and a 52 week high of $26.89.

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

Hanover Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. Hanover Bancorp’s dividend payout ratio (DPR) is currently 40.00%.

Institutional Investors Weigh In On Hanover Bancorp

A number of large investors have recently made changes to their positions in the stock. Strs Ohio raised its stake in Hanover Bancorp by 775.0% in the 4th quarter. Strs Ohio now owns 14,000 shares of the company’s stock worth $324,000 after acquiring an additional 12,400 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Hanover Bancorp by 23.5% in the third quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after purchasing an additional 529 shares during the last quarter. Citadel Advisors LLC acquired a new stake in shares of Hanover Bancorp during the third quarter worth about $290,000. Bank of America Corp DE boosted its position in Hanover Bancorp by 68.6% in the third quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock valued at $55,000 after buying an additional 1,002 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after buying an additional 886 shares during the last quarter. 15.02% of the stock is owned by hedge funds and other 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.