Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives $24.50 Average PT from Analysts

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been given a consensus recommendation of “Hold” by the five ratings firms that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $24.50.

Several equities analysts have issued reports on HNVR shares. Zacks Research upgraded shares of Hanover Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, September 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a report on Tuesday. Finally, Piper Sandler raised their target price on Hanover Bancorp from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 10th.

Hanover Bancorp Stock Performance

Shares of HNVR stock opened at $23.86 on Wednesday. The business’s 50-day moving average price is $22.16 and its 200-day moving average price is $22.13. Hanover Bancorp has a 12 month low of $18.31 and a 12 month high of $27.00. The firm has a market capitalization of $171.55 million, a price-to-earnings ratio of 15.70 and a beta of 0.04. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Thursday, September 4th. The company reported $0.33 earnings per share (EPS) for the quarter. Hanover Bancorp had a return on equity of 7.20% and a net margin of 7.82%.The company had revenue of $18.36 million during the quarter. Equities research analysts forecast that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Thursday, November 13th. Hanover Bancorp’s dividend payout ratio (DPR) is 26.32%.

Insider Activity at Hanover Bancorp

In related news, Director Robert Golden sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $21.25, for a total value of $106,250.00. Following the sale, the director directly owned 80,769 shares in the company, valued at $1,716,341.25. This represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 24.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HNVR. JPMorgan Chase & Co. increased its position in shares of Hanover Bancorp by 23.5% during the third quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after buying an additional 529 shares during the period. BNP Paribas Financial Markets lifted its holdings in Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after buying an additional 886 shares during the period. Bank of America Corp DE boosted its position in Hanover Bancorp by 68.6% during the third quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock valued at $55,000 after acquiring an additional 1,002 shares during the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in Hanover Bancorp during the 2nd quarter worth about $30,000. Finally, Strs Ohio bought a new position in shares of Hanover Bancorp in the 3rd quarter worth about $36,000. Institutional investors and hedge funds 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.