Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives $24.33 Average Price Target from Analysts

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have been assigned an average rating of “Hold” from the five brokerages that are presently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $24.3333.

HNVR has been the topic of several analyst reports. Zacks Research lowered Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Piper Sandler reduced their price target on Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a report on Friday, January 30th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a research note on Monday, December 29th.

Hedge Funds Weigh In On Hanover Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Hanover Bancorp by 23.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after purchasing an additional 529 shares during the last quarter. BNP Paribas Financial Markets increased its position in 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 acquiring an additional 886 shares during the period. Bank of America Corp DE increased 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 worth $55,000 after acquiring an additional 1,002 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in Hanover Bancorp in the 2nd quarter worth about $30,000. Finally, Strs Ohio bought a new stake in Hanover Bancorp in the 3rd quarter valued at about $36,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Stock Down 0.2%

Shares of Hanover Bancorp stock opened at $23.36 on Thursday. The firm has a market cap of $168.01 million, a PE ratio of 23.36 and a beta of 0.04. The business’s 50 day simple moving average is $23.37 and its 200 day simple moving average is $22.43. 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 $26.43.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.00 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.51). The business had revenue of $18.60 million for the quarter, compared to the consensus estimate of $18.85 million. Hanover Bancorp had a return on equity of 5.18% and a net margin of 5.22%. On average, analysts predict that Hanover Bancorp will post 2.38 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. Hanover Bancorp’s dividend payout ratio is presently 40.00%.

About Hanover Bancorp

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.