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

Hanover Bancorp, Inc. (NASDAQ:HNVR) has earned an average recommendation of “Hold” from the five research firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $24.3333.

A number of equities analysts have commented on HNVR shares. Weiss Ratings downgraded shares of Hanover Bancorp from a “buy (b-)” rating to a “hold (c)” rating in a report on Monday, March 16th. Piper Sandler dropped their target price 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. Finally, Zacks Research downgraded shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th.

Hedge Funds Weigh In On Hanover Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of HNVR. Barclays PLC grew its holdings in shares of Hanover Bancorp by 19.9% during the fourth 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. Fourthstone LLC lifted its holdings in shares of Hanover Bancorp by 22.6% in the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after purchasing an additional 95,194 shares during the last quarter. GM Advisory Group LLC acquired a new position in Hanover Bancorp during the 4th quarter valued at approximately $430,000. Wells Fargo & Company MN boosted its position in Hanover Bancorp by 59.9% during the 4th quarter. Wells Fargo & Company MN now owns 5,531 shares of the company’s stock valued at $128,000 after purchasing an additional 2,072 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake 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 last quarter. 15.02% of the stock is currently owned by institutional investors and hedge funds.

Hanover Bancorp Price Performance

Shares of NASDAQ HNVR opened at $21.59 on Friday. Hanover Bancorp has a twelve month low of $18.31 and a twelve month high of $24.36. 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 $154.84 million, a price-to-earnings ratio of 21.59 and a beta of 0.07. The business has a 50 day simple moving average of $22.09 and a 200-day simple moving average of $22.34.

Hanover Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, February 12th were paid 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 dividend payout ratio is 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.