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

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

A number of analysts recently commented on HNVR shares. Zacks Research cut Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Piper Sandler cut their price target on Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research note on Friday, January 30th. Finally, Weiss Ratings lowered shares of Hanover Bancorp from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, March 16th.

Hanover Bancorp Price Performance

Shares of HNVR opened at $21.60 on Friday. The firm has a fifty day simple moving average of $21.99 and a two-hundred day simple moving average of $22.33. The firm has a market cap of $154.87 million, a PE ratio of 21.60 and a beta of 0.04. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. Hanover Bancorp has a 1-year low of $18.31 and a 1-year high of $24.36.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th were given a $0.10 dividend. The ex-dividend date was Thursday, February 12th. This represents a $0.40 annualized dividend and a yield of 1.9%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 40.00%.

Institutional Investors Weigh In On Hanover Bancorp

A number of hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets raised its holdings in Hanover Bancorp by 219.9% in the 3rd 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 period. Police & Firemen s Retirement System of New Jersey bought a new stake in Hanover Bancorp during the second quarter valued at about $30,000. Bank of America Corp DE increased its position in Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after buying an additional 1,423 shares in the last quarter. Strs Ohio bought a new position in shares of Hanover Bancorp in the third quarter worth about $36,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Hanover Bancorp in the second quarter worth about $51,000. Institutional investors own 15.02% of the company’s stock.

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.