Hanover Bancorp, Inc. (NASDAQ:HNVR) Given Consensus Rating of “Hold” by Brokerages

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been given an average recommendation of “Hold” by the five ratings firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $24.3333.

Several research firms have issued reports on HNVR. Zacks Research lowered shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday. Finally, Piper Sandler dropped their price target on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a research report on Friday, January 30th.

Hanover Bancorp Stock Performance

Shares of HNVR opened at $22.57 on Friday. Hanover Bancorp has a 12 month low of $19.91 and a 12 month high of $24.49. The firm has a fifty day simple moving average of $22.00 and a 200 day simple moving average of $22.44. The stock has a market capitalization of $161.60 million, a price-to-earnings ratio of 21.50 and a beta of 0.12. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 0.30.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings results on Monday, April 27th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%. The firm had revenue of $19.11 million for the quarter, compared to analyst estimates of $19.50 million.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 18th. Stockholders of record on Monday, May 11th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Monday, May 11th. Hanover Bancorp’s payout ratio is currently 38.10%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted its stake in shares of Hanover Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock worth $683,000 after acquiring an additional 554 shares during the period. Barclays PLC raised its position in shares of Hanover Bancorp by 19.9% in the fourth quarter. Barclays PLC now owns 10,669 shares of the company’s stock valued at $247,000 after purchasing an additional 1,769 shares during the period. Fourthstone LLC raised its position in shares of Hanover Bancorp by 22.6% in the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after purchasing an additional 95,194 shares during the period. GM Advisory Group LLC bought a new position in shares of Hanover Bancorp in the fourth quarter valued at about $430,000. Finally, Wells Fargo & Company MN raised its position in shares of Hanover Bancorp by 59.9% in the fourth quarter. Wells Fargo & Company MN now owns 5,531 shares of the company’s stock valued at $128,000 after purchasing an additional 2,072 shares during the period. 15.02% of the stock is currently owned by institutional investors.

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.