Hanover Bancorp (NASDAQ:HNVR) Stock Price Up 5% – Should You Buy?

Hanover Bancorp, Inc. (NASDAQ:HNVR) shares rose 5% on Wednesday . The stock traded as high as $22.61 and last traded at $22.51. Approximately 15,172 shares traded hands during trading, a decline of 11% from the average daily volume of 17,026 shares. The stock had previously closed at $21.44.

Wall Street Analyst Weigh In

HNVR has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Hanover Bancorp in a research report on Wednesday, October 8th. Hovde Group started coverage on Hanover Bancorp in a report on Wednesday, August 13th. They issued a “market perform” rating and a $24.00 price objective for the company. Piper Sandler decreased their price objective on Hanover Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. Stephens decreased their price target on Hanover Bancorp from $23.50 to $22.50 and set an “equal weight” rating for the company in a research note on Tuesday, July 29th. Finally, Zacks Research upgraded Hanover Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, September 22nd. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.83.

Hanover Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s 50-day simple moving average is $22.04 and its 200 day simple moving average is $22.16. The stock has a market capitalization of $162.52 million, a P/E ratio of 14.81 and a beta of 0.06.

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Thursday, September 4th. The company reported $0.33 EPS for the quarter. The business had revenue of $18.36 million during the quarter. Hanover Bancorp had a net margin of 7.82% and a return on equity of 7.24%. Research analysts expect that Hanover Bancorp, Inc. will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Thursday, November 13th. Hanover Bancorp’s dividend payout ratio is presently 26.32%.

Institutional Investors Weigh In On Hanover Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Hanover Bancorp during the 2nd quarter worth approximately $30,000. Bank of America Corp DE lifted its stake in Hanover Bancorp by 3,744.7% during 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. Strs Ohio bought a new stake in shares of Hanover Bancorp during the 3rd quarter worth $36,000. JPMorgan Chase & Co. bought a new stake in shares of Hanover Bancorp during the 2nd quarter worth $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Hanover Bancorp during the 2nd quarter worth $59,000. Institutional investors own 15.02% of the company’s stock.

About Hanover Bancorp

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.