Hanover Bancorp (NASDAQ:HNVR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Hanover Bancorp (NASDAQ:HNVR) from a hold rating to a buy rating in a report published on Saturday morning.

Other research analysts have also recently issued reports about the company. Piper Sandler started coverage on Hanover Bancorp in a research report on Friday, July 10th. They set an “overweight” rating and a $26.50 price target for the company. Weiss Ratings raised Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. Finally, Zacks Research upgraded Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $25.00.

Hanover Bancorp Trading Up 1.0%

Shares of NASDAQ:HNVR opened at $25.26 on Friday. The company’s 50-day moving average price is $23.67 and its two-hundred day moving average price is $22.82. Hanover Bancorp has a one year low of $19.91 and a one year high of $25.75. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $180.86 million, a PE ratio of 19.89 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The company had revenue of $19.57 million during the quarter, compared to analysts’ expectations of $19.83 million. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%. On average, equities analysts forecast that Hanover Bancorp will post 2.41 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Thursday, August 6th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 31.50%.

Insiders Place Their Bets

In other Hanover Bancorp news, Director Robert Golden sold 2,259 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total transaction of $51,482.61. Following the transaction, the director owned 34,009 shares of the company’s stock, valued at $775,065.11. The trade was a 6.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 4,566 shares of company stock worth $105,240 over the last 90 days. 24.38% of the stock is owned by insiders.

Institutional Trading of Hanover Bancorp

A number of hedge funds have recently made changes to their positions in the business. Fourthstone LLC increased its holdings in shares of Hanover Bancorp by 22.6% during the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after acquiring an additional 95,194 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Hanover Bancorp by 117.7% during the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after purchasing an additional 57,166 shares during the last quarter. Corient Private Wealth LLC bought a new position in Hanover Bancorp during the second quarter worth $572,000. GM Advisory Group LLC bought a new position in Hanover Bancorp during the fourth quarter worth $430,000. Finally, Citadel Advisors LLC acquired a new position in shares of Hanover Bancorp in the third quarter valued at $290,000. 15.02% of the stock is owned by institutional investors and hedge funds.

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.