Hanover Bancorp (NASDAQ:HNVR) Stock Moved Down to “Hold” by Zacks Research

Zacks Research lowered shares of Hanover Bancorp (NASDAQ:HNVR) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks reports.

A number of other brokerages have also weighed in on HNVR. Raymond James Financial started coverage on shares of Hanover Bancorp in a report on Wednesday, August 26th. They issued a “market perform” rating for the company. Wall Street Zen downgraded Hanover Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings lowered Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. Finally, Piper Sandler boosted their price target on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.50.

Hanover Bancorp Stock Down 2.1%

NASDAQ:HNVR opened at $22.93 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $161.89 million, a P/E ratio of 16.38 and a beta of 0.12. Hanover Bancorp has a fifty-two week low of $20.19 and a fifty-two week high of $27.94. The firm has a 50-day simple moving average of $25.50 and a two-hundred day simple moving average of $23.91.

Hanover Bancorp (NASDAQ:HNVR) last issued its earnings results on Wednesday, October 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. The firm had revenue of $19.28 million for the quarter, compared to the consensus estimate of $20.00 million. Hanover Bancorp had a net margin of 7.33% and a return on equity of 6.44%. Analysts predict that Hanover Bancorp will post 2.37 earnings per share for the current fiscal year.

Hanover Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 18th. Shareholders of record on Wednesday, November 11th will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, November 10th. This represents a $0.40 dividend on an annualized basis and a yield of 1.7%. Hanover Bancorp’s payout ratio is currently 28.57%.

Hedge Funds Weigh In On Hanover Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Hanover Bancorp in the 2nd quarter worth $6,620,000. Susquehanna International Group LLP purchased a new stake in Hanover Bancorp during the second quarter valued at $3,026,000. Corient Private Wealth LP purchased a new stake in Hanover Bancorp during the second quarter valued at $985,000. Bank of New York Mellon Corp purchased a new stake in Hanover Bancorp during the second quarter valued at $258,000. Finally, Algert Global LLC bought a new position in Hanover Bancorp in the second quarter valued at about $232,000. 15.02% of the stock is 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.