Hanover Bancorp (NASDAQ:HNVR) Earns Overweight Rating from Piper Sandler

Hanover Bancorp (NASDAQ:HNVR)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Sandler in a research note issued to investors on Friday,Benzinga reports. They presently have a $26.50 target price on the stock. Piper Sandler’s target price suggests a potential upside of 16.13% from the stock’s current price.

Separately, Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $24.33.

Hanover Bancorp Stock Up 0.9%

Shares of NASDAQ:HNVR opened at $22.82 on Friday. The firm has a market capitalization of $163.39 million, a PE ratio of 21.73 and a beta of 0.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. Hanover Bancorp has a 52-week low of $19.91 and a 52-week high of $24.57. The firm has a fifty day moving average of $23.26 and a 200 day moving average of $22.69.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Monday, April 27th. The company reported $0.54 earnings per share for the quarter, beating 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 business had revenue of $19.11 million for the quarter, compared to the consensus estimate of $19.50 million.

Insider Transactions at Hanover Bancorp

In related news, Director Robert Golden sold 2,259 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total transaction of $51,482.61. Following the transaction, the director directly owned 34,009 shares in the company, valued at $775,065.11. This trade represents a 6.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 4,566 shares of company stock worth $105,240. 24.38% of the stock is owned by company insiders.

Institutional Trading of Hanover Bancorp

A number of institutional investors have recently made changes to their positions in HNVR. JPMorgan Chase & Co. grew its holdings 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. Dimensional Fund Advisors LP raised its holdings in Hanover Bancorp by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company’s stock valued at $719,000 after buying an additional 534 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Hanover Bancorp by 219.9% during the 3rd 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. Bank of America Corp DE boosted 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 buying an additional 1,002 shares during the period. Finally, Barclays PLC boosted 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 buying an additional 1,769 shares during the period. Hedge funds and other institutional investors own 15.02% of the company’s stock.

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.