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

Hanover Bancorp, Inc. (NASDAQ:HNVR) has received a consensus recommendation of “Hold” from the five ratings firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating 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 a number of recent analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday, December 29th. Piper Sandler lowered their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a research note on Friday, January 30th. Finally, Zacks Research cut Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th.

Hanover Bancorp Trading Down 4.9%

Shares of HNVR stock opened at $20.68 on Monday. Hanover Bancorp has a 1 year low of $18.31 and a 1 year high of $24.55. The firm has a market capitalization of $148.69 million, a PE ratio of 20.68 and a beta of 0.07. The stock has a fifty day moving average of $22.98 and a two-hundred day moving average of $22.51. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.00 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.51). The business had revenue of $18.60 million for the quarter, compared to analyst estimates of $18.85 million. Hanover Bancorp had a net margin of 5.22% and a return on equity of 5.18%. As a group, research analysts expect that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th were issued a $0.10 dividend. The ex-dividend date was Thursday, February 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.9%. Hanover Bancorp’s dividend payout ratio is 40.00%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Fourthstone LLC lifted its holdings in Hanover Bancorp by 22.6% in the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after acquiring an additional 95,194 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Hanover Bancorp by 117.7% in the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock worth $2,294,000 after purchasing an additional 57,166 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 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. Corient Private Wealth LLC bought a new stake in shares of Hanover Bancorp in the 2nd quarter worth approximately $572,000. Finally, Goldman Sachs Group Inc. lifted its stake in Hanover Bancorp by 24.5% during the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock valued at $486,000 after purchasing an additional 4,356 shares during the last quarter. 15.02% of the stock is owned by institutional investors and hedge funds.

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.