Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives $24.50 Consensus Price Target from Brokerages

Hanover Bancorp, Inc. (NASDAQ:HNVR) has been assigned a consensus recommendation of “Hold” from the five research firms that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $24.50.

A number of equities research analysts recently weighed in on the company. Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a research note on Monday, December 29th. Piper Sandler boosted their target price on shares of Hanover Bancorp from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Finally, Zacks Research upgraded shares of Hanover Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, September 22nd.

Insider Activity

In other news, Director Robert Golden sold 5,000 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $21.25, for a total transaction of $106,250.00. Following the completion of the sale, the director owned 80,769 shares in the company, valued at approximately $1,716,341.25. This represents a 5.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 23.88% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Fourthstone LLC purchased a new stake in Hanover Bancorp in the second quarter valued at about $6,690,000. Geode Capital Management LLC increased its holdings in shares of Hanover Bancorp by 117.7% during the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after acquiring an additional 57,166 shares in the last quarter. Corient Private Wealth LLC purchased a new position in shares of Hanover Bancorp in the 2nd quarter valued at approximately $572,000. Los Angeles Capital Management LLC acquired a new stake in Hanover Bancorp in the 2nd quarter worth approximately $382,000. Finally, Teton Advisors LLC acquired a new stake in Hanover Bancorp in the 3rd quarter worth approximately $314,000. 15.02% of the stock is owned by institutional investors and hedge funds.

Hanover Bancorp Price Performance

NASDAQ HNVR opened at $22.91 on Friday. The company has a market cap of $164.77 million, a PE ratio of 15.07 and a beta of 0.04. The firm’s 50 day moving average price is $22.86 and its 200-day moving average price is $22.33. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. Hanover Bancorp has a 52-week low of $18.31 and a 52-week high of $27.00.

Hanover Bancorp (NASDAQ:HNVR) last posted its earnings results on Thursday, October 30th. The company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.02). The company had revenue of $18.01 million for the quarter, compared to analysts’ expectations of $18.90 million. Hanover Bancorp had a return on equity of 7.20% and a net margin of 7.82%. Sell-side analysts forecast that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

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

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.