Analysts Set Hanover Bancorp, Inc. (NASDAQ:HNVR) Price Target at $24.33

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been assigned a consensus recommendation of “Hold” from the five ratings firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $24.3333.

HNVR has been the topic of several analyst reports. Zacks Research lowered shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. 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.

Hanover Bancorp Stock Up 1.0%

Hanover Bancorp stock opened at $22.80 on Friday. The business has a fifty day moving average of $22.03 and a two-hundred day moving average of $22.47. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30. The firm has a market cap of $163.25 million, a P/E ratio of 21.71 and a beta of 0.12. Hanover Bancorp has a twelve month low of $19.91 and a twelve month high of $24.49.

Hanover Bancorp (NASDAQ:HNVR) last posted its earnings results on Monday, April 27th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. Hanover Bancorp had a return on equity of 5.09% and a net margin of 5.53%.The company had revenue of $19.11 million during the quarter, compared to analyst estimates of $19.50 million.

Hanover Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 18th. Shareholders of record on Monday, May 11th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, May 11th. Hanover Bancorp’s payout ratio is currently 38.10%.

Hedge Funds Weigh In On Hanover Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in 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 purchasing an additional 886 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of 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 valued at $33,000 after buying an additional 1,423 shares during the last quarter. Strs Ohio purchased a new stake in shares of Hanover Bancorp during the third quarter valued at $36,000. JPMorgan Chase & Co. purchased a new stake in shares of Hanover Bancorp during the second quarter valued at $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Hanover Bancorp during the second quarter valued at $59,000. 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.