Hanover Bancorp (NASDAQ:HNVR) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen lowered shares of Hanover Bancorp (NASDAQ:HNVR) from a buy rating to a hold rating in a research note released on Sunday morning.

A number of other research analysts also recently issued reports on the company. Piper Sandler upped their price target on Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 1st. Finally, Zacks Research raised Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $26.25.

Hanover Bancorp Price Performance

Shares of NASDAQ HNVR opened at $26.25 on Friday. Hanover Bancorp has a twelve month low of $19.91 and a twelve month high of $27.01. The firm has a market cap of $187.95 million, a P/E ratio of 20.67 and a beta of 0.09. The company has a 50 day moving average of $23.95 and a 200 day moving average of $22.92. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $19.57 million for 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%. As a group, research analysts expect that Hanover Bancorp will post 2.4 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Thursday, August 6th. Hanover Bancorp’s dividend payout ratio is presently 31.50%.

Insider Activity

In other news, Director Robert Golden sold 2,259 shares of the firm’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total value of $51,482.61. Following the transaction, the director directly owned 34,009 shares in the company, valued at $775,065.11. This trade represents a 6.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders sold 4,566 shares of company stock valued at $105,240. Company insiders own 24.38% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of HNVR. Dimensional Fund Advisors LP boosted its position in Hanover Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock worth $683,000 after purchasing an additional 554 shares during the last quarter. Barclays PLC increased its position in shares of Hanover Bancorp by 19.9% during the 4th 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 last quarter. Fourthstone LLC lifted its stake in shares of Hanover Bancorp by 22.6% in the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $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 4th quarter worth approximately $430,000. Finally, Wells Fargo & Company MN boosted its holdings 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 worth $128,000 after buying an additional 2,072 shares during the last quarter. Institutional investors own 15.02% of the company’s stock.

About Hanover Bancorp

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.