Wall Street Zen Upgrades Hanover Bancorp (NASDAQ:HNVR) to Buy

Hanover Bancorp (NASDAQ:HNVR) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

Several other equities research analysts have also recently weighed in on the company. Weiss Ratings raised Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 1st. Piper Sandler started coverage on Hanover Bancorp in a research report on Friday, July 10th. They set an “overweight” rating and a $26.50 price objective for the company. Finally, Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $24.33.

Hanover Bancorp Stock Performance

Hanover Bancorp stock opened at $25.01 on Friday. Hanover Bancorp has a fifty-two week low of $19.91 and a fifty-two week high of $25.75. The stock’s 50 day simple moving average is $23.62 and its two-hundred day simple moving average is $22.80. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $179.07 million, a price-to-earnings ratio of 19.69 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR) last announced its 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 during the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%. As a group, analysts expect that Hanover Bancorp will post 2.41 earnings per share for the current fiscal year.

Insider Buying and Selling at Hanover Bancorp

In related news, Director Robert Golden sold 1,295 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $23.53, for a total transaction of $30,471.35. Following the completion of the transaction, the director owned 31,702 shares of the company’s stock, valued at $745,948.06. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 4,566 shares of company stock valued at $105,240. Corporate insiders own 24.38% of the company’s stock.

Institutional Investors Weigh In On Hanover Bancorp

A number of institutional investors have recently modified their holdings of HNVR. JPMorgan Chase & Co. increased its holdings in shares of Hanover Bancorp by 23.5% during the third quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock valued at $62,000 after acquiring an additional 529 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Hanover Bancorp by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company’s stock worth $719,000 after purchasing an additional 534 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Hanover Bancorp by 219.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after purchasing an additional 886 shares in the last quarter. Bank of America Corp DE grew its position in Hanover Bancorp by 68.6% during the 3rd quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock valued at $55,000 after purchasing an additional 1,002 shares during the last quarter. Finally, Barclays PLC grew its position in Hanover Bancorp by 19.9% during the 4th quarter. Barclays PLC now owns 10,669 shares of the company’s stock valued at $247,000 after purchasing an additional 1,769 shares during the last quarter. 15.02% of the stock is owned by hedge funds and other institutional investors.

Hanover Bancorp Company Profile

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.