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

Hanover Bancorp, Inc. (NASDAQ:HNVR) has been given a consensus rating of “Hold” by the five brokerages that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $24.3333.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its position in shares of Hanover Bancorp by 219.9% in the third 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 period. Police & Firemen s Retirement System of New Jersey acquired a new position in Hanover Bancorp during the 2nd quarter worth approximately $30,000. Bank of America Corp DE boosted its holdings in Hanover Bancorp by 3,744.7% in the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after acquiring an additional 1,423 shares during the period. Strs Ohio purchased a new position in Hanover Bancorp in the 3rd quarter worth approximately $36,000. Finally, JPMorgan Chase & Co. acquired a new stake in Hanover Bancorp in the second quarter valued at approximately $51,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

Hanover Bancorp Stock Performance

Shares of HNVR stock opened at $23.27 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market capitalization of $167.31 million, a price-to-earnings ratio of 23.27 and a beta of 0.04. Hanover Bancorp has a one year low of $18.31 and a one year high of $26.43. The company has a 50 day moving average price of $23.38 and a 200 day moving average price of $22.44.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Thursday, January 29th. The company reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.51). The company had revenue of $18.60 million for the quarter, compared to analysts’ expectations of $18.85 million. Hanover Bancorp had a net margin of 5.22% and a return on equity of 5.18%. Sell-side analysts anticipate 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 will be paid on Thursday, February 26th. Investors of record on Thursday, February 12th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, February 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. Hanover Bancorp’s payout ratio is presently 40.00%.

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.