Hanover Bancorp (NASDAQ:HNVR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Hanover Bancorp (NASDAQ:HNVR) from a hold rating to a buy rating in a research report sent to investors on Monday,Wall Street Zen reports.

A number of other equities analysts also recently commented on the company. Weiss Ratings upgraded Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Zacks Research raised Hanover Bancorp to a “hold” rating in a report on Monday, July 13th. Raymond James Financial assumed coverage on Hanover Bancorp in a research report on Wednesday, August 26th. They set a “market perform” rating for the company. Finally, Piper Sandler upped their price objective on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Hanover Bancorp currently has a consensus rating of “Buy” and a consensus target price of $28.50.

Hanover Bancorp Stock Down 0.9%

Shares of NASDAQ:HNVR opened at $25.19 on Monday. The company’s fifty day moving average is $26.72 and its two-hundred day moving average is $24.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.03 and a current ratio of 1.03. Hanover Bancorp has a 1-year low of $19.91 and a 1-year high of $27.94. The stock has a market capitalization of $177.84 million, a price-to-earnings ratio of 19.83 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. The business had revenue of $19.57 million during the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.00%. Equities analysts anticipate that Hanover Bancorp will post 2.39 EPS for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Thursday, August 6th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Thursday, August 6th. Hanover Bancorp’s dividend payout ratio is 31.50%.

Insider Buying and Selling

In other Hanover Bancorp news, President Kevin O’Connor bought 10,000 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were purchased at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the transaction, the president directly owned 12,300 shares in the company, valued at $330,624. The trade was a 434.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Hanover Bancorp

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

Hanover Bancorp Company Profile

Hanover Bancorp, Inc was the holding company for Hanover Community Bank, a community-focused financial institution headquartered in Mineola, New York. The bank served individuals, small businesses and commercial customers in the New York metropolitan area, with a presence across Long Island and New York City.

Hanover Community Bank offered a range of banking products, including deposit accounts, residential and commercial real estate lending, multifamily loans, commercial and industrial financing, small-business loans, consumer lending and mortgage services.