Hanover Bancorp (NASDAQ:HNVR) Price Target Raised to $20.00 at Piper Sandler

Hanover Bancorp (NASDAQ:HNVR) had its price target increased by Piper Sandler from $18.00 to $20.00 in a report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the stock.

Hanover Bancorp Stock Performance

Shares of Hanover Bancorp stock opened at $16.56 on Thursday. The firm has a market capitalization of $120.06 million, a P/E ratio of 8.45 and a beta of -0.23. Hanover Bancorp has a 52 week low of $13.62 and a 52 week high of $18.86. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average is $16.55 and its two-hundred day moving average is $16.47.

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Wednesday, July 24th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.34). The business had revenue of $37.04 million for the quarter, compared to analysts’ expectations of $16.30 million. Hanover Bancorp had a return on equity of 6.33% and a net margin of 8.70%. Research analysts forecast that Hanover Bancorp will post 2.05 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Wednesday, August 7th will be given a dividend of $0.10 per share. The ex-dividend date is Wednesday, August 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.42%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 20.41%.

About Hanover Bancorp

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.