Hanover Bancorp (NASDAQ:HNVR) Stock Gets Downgrade from Wall Street Zen

Hanover Bancorp (NASDAQ:HNVR) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other research firms have also recently commented on HNVR. Raymond James Financial assumed coverage on Hanover Bancorp in a research note on Wednesday, August 26th. They issued a “market perform” rating on the stock. Weiss Ratings lowered Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Piper Sandler raised their target price on Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Finally, Zacks Research upgraded Hanover Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $28.50.

Hanover Bancorp Price Performance

Shares of HNVR opened at $23.34 on Friday. The company has a market cap of $164.78 million, a P/E ratio of 16.67 and a beta of 0.13. Hanover Bancorp has a fifty-two week low of $20.00 and a fifty-two week high of $27.94. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17. The firm’s 50 day moving average price is $25.65 and its 200 day moving average price is $23.90.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings results on Wednesday, October 28th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.59 by $0.01. Hanover Bancorp had a net margin of 7.33% and a return on equity of 6.44%. The company had revenue of $19.28 million during the quarter, compared to analysts’ expectations of $20.00 million. On average, research analysts forecast that Hanover Bancorp will post 2.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Hanover Bancorp

Large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in Hanover Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after acquiring an additional 554 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Hanover Bancorp in the second quarter worth $101,000. Algert Global LLC bought a new stake in Hanover Bancorp during the 2nd quarter worth approximately $232,000. Bank of New York Mellon Corp bought a new stake in Hanover Bancorp in the 2nd quarter valued at $258,000. Finally, Corient Private Wealth LP bought a new stake in Hanover Bancorp in the second quarter worth $985,000. 15.02% of the stock is currently owned by institutional investors.

About Hanover Bancorp

Hanover Bancorp, Inc is the parent company of Hanover Community Bank, a community-focused banking institution headquartered in Mineola, New York. The bank provides a range of financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking channels.

Hanover Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and land loans, commercial business financing, home equity loans and consumer credit.