Hanover Bancorp (NASDAQ:HNVR) Stock Rating Upgraded by Wall Street Zen

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

Other research analysts have also issued reports about the stock. Piper Sandler boosted their price objective on shares of Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings upgraded Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Finally, Raymond James Financial began coverage on Hanover Bancorp in a report on Wednesday, August 26th. They set a “market perform” rating for the company. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Hanover Bancorp Price Performance

NASDAQ:HNVR opened at $26.63 on Friday. The firm has a market capitalization of $188.01 million, a price-to-earnings ratio of 20.97 and a beta of 0.10. Hanover Bancorp has a twelve month low of $19.91 and a twelve month high of $27.94. The stock’s 50 day moving average price is $26.54 and its two-hundred day moving average price is $23.96. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%.The company had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million. Equities research analysts expect that Hanover Bancorp will post 2.4 earnings per share for the current fiscal year.

Insider Activity

In related news, President Kevin O’Connor bought 10,000 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was bought at an average price of $26.88 per share, for a total transaction of $268,800.00. Following the purchase, the president owned 12,300 shares in the company, valued at $330,624. This represents a 434.78% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 24.38% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Susquehanna International Group LLP bought a new stake in shares of Hanover Bancorp during the second quarter worth approximately $3,026,000. Corient Private Wealth LP acquired a new position in shares of Hanover Bancorp during the second quarter worth $985,000. Algert Global LLC bought a new position in shares of Hanover Bancorp in the 2nd quarter valued at $232,000. BlackRock Inc. bought a new position in Hanover Bancorp in the second quarter valued at about $6,620,000. Finally, Deutsche Bank AG bought a new position in Hanover Bancorp in the 2nd quarter valued at approximately $101,000. 15.02% of the stock is owned by institutional investors.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is a bank holding company that operates through Hanover Community Bank, a community-focused financial institution serving businesses, individuals and municipal customers. The bank is headquartered in Mineola, New York, and has historically focused its operations on Long Island and the New York City metropolitan area, including Nassau, Suffolk, Queens, Brooklyn and Manhattan.

Hanover Community Bank provides a range of deposit products, including checking, savings, money market and certificate of deposit accounts.