Hanover Bancorp (NASDAQ:HNVR) Raised to Hold at Zacks Research

Hanover Bancorp (NASDAQ:HNVR) was upgraded by Zacks Research to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research firms have also commented on HNVR. Piper Sandler started coverage on shares of Hanover Bancorp in a research note on Friday, July 10th. They set an “overweight” rating and a $26.50 target price for the company. Weiss Ratings upgraded shares of 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 and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $24.33.

Hanover Bancorp Price Performance

NASDAQ:HNVR opened at $24.43 on Monday. 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 business’s 50-day moving average price is $23.31 and its 200 day moving average price is $22.70. Hanover Bancorp has a 52-week low of $19.91 and a 52-week high of $24.79. The firm has a market cap of $174.92 million, a P/E ratio of 23.27 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings data on Monday, April 27th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. The company had revenue of $19.11 million during the quarter, compared to analyst estimates of $19.50 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%. As a group, sell-side analysts predict that Hanover Bancorp will post 2.41 earnings per share for the current fiscal year.

Insider Activity at Hanover Bancorp

In other news, Director Robert Golden sold 1,295 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $23.53, for a total value of $30,471.35. Following the completion of the sale, the director owned 31,702 shares of the company’s stock, valued at $745,948.06. This trade represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 4,566 shares of company stock valued at $105,240 over the last ninety days. Company insiders own 24.38% of the company’s stock.

Institutional Investors Weigh In On Hanover Bancorp

Hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its stake in Hanover Bancorp by 24.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock valued at $486,000 after acquiring an additional 4,356 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Hanover Bancorp by 97.5% in the first quarter. Jane Street Group LLC now owns 21,292 shares of the company’s stock worth $467,000 after purchasing an additional 10,511 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Hanover Bancorp by 298.4% in the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company’s stock worth $205,000 after purchasing an additional 7,039 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Hanover Bancorp by 117.7% during the second 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 period. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Hanover Bancorp during the second quarter worth approximately $51,000. 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.