Hanover Bancorp (NASDAQ:HNVR) Trading Up 0.8% – Should You Buy?

Hanover Bancorp, Inc. (NASDAQ:HNVR)’s share price rose 0.8% during mid-day trading on Monday . The stock traded as high as $27.62 and last traded at $27.27. 45,111 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 59,742 shares. The stock had previously closed at $27.06.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Piper Sandler lifted their target price on Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a research note on Monday, July 27th. Wall Street Zen cut shares of Hanover Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $28.50.

Hanover Bancorp Price Performance

The firm has a market capitalization of $189.11 million, a P/E ratio of 21.14 and a beta of 0.09. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average price of $25.20 and a 200-day moving average price of $23.36.

Hanover Bancorp (NASDAQ:HNVR) last released its earnings results 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 firm had revenue of $19.57 million for the quarter, compared to the consensus estimate of $19.83 million. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%. On average, analysts expect that Hanover Bancorp, Inc. will post 2.4 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. Hanover Bancorp’s dividend payout ratio is currently 31.50%.

Insider Buying and Selling at Hanover Bancorp

In other Hanover Bancorp news, President Kevin M. O’connor purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was purchased at an average cost of $26.88 per share, with a total value of $268,800.00. Following the purchase, the president owned 12,300 shares of the company’s stock, valued at approximately $330,624. The trade was a 434.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 24.38% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Several hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets lifted its position in shares of Hanover Bancorp by 219.9% during the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after purchasing an additional 886 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of Hanover Bancorp by 476.1% in the second quarter. California State Teachers Retirement System now owns 1,423 shares of the company’s stock worth $33,000 after purchasing an additional 1,176 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after purchasing an additional 1,423 shares during the last quarter. JPMorgan Chase & Co. bought a new position in shares of Hanover Bancorp in the second quarter worth about $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Hanover Bancorp in the 2nd quarter worth about $59,000. Institutional investors own 15.02% of the company’s stock.

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.