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

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have received a consensus rating of “Hold” from the five analysts that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $24.3333.

Several analysts recently commented on HNVR shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Hanover Bancorp in a report on Monday, December 29th. Piper Sandler dropped 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 lowered shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th.

Hedge Funds Weigh In On Hanover Bancorp

Several institutional investors and hedge funds have recently modified their holdings of HNVR. Strs Ohio raised its holdings in Hanover Bancorp by 775.0% in the 4th quarter. Strs Ohio now owns 14,000 shares of the company’s stock worth $324,000 after purchasing an additional 12,400 shares during the period. JPMorgan Chase & Co. grew its holdings in Hanover Bancorp by 23.5% in the third quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock valued at $62,000 after purchasing an additional 529 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Hanover Bancorp in the third quarter valued at approximately $290,000. Bank of America Corp DE raised its stake in shares of Hanover Bancorp by 68.6% during the 3rd quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock worth $55,000 after buying an additional 1,002 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Hanover Bancorp by 219.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after buying an additional 886 shares during the period. Hedge funds and other institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Trading Up 0.6%

NASDAQ HNVR opened at $23.55 on Thursday. The company has a market capitalization of $169.32 million, a PE ratio of 23.55 and a beta of 0.04. The company has a fifty day moving average of $23.34 and a 200 day moving average of $22.42. Hanover Bancorp has a 1 year low of $18.31 and a 1 year high of $26.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.03.

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

Hanover Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Thursday, February 12th. Hanover Bancorp’s dividend payout ratio is presently 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.