Analysts Set Hanover Bancorp, Inc. (NASDAQ:HNVR) Target Price at $24.33

Hanover Bancorp, Inc. (NASDAQ:HNVR) has been assigned an average recommendation of “Hold” from the five research firms that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $24.3333.

A number of research firms recently commented on HNVR. Piper Sandler decreased their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday, December 29th. Finally, Zacks Research downgraded Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its stake in shares of Hanover Bancorp by 219.9% during the 3rd 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. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Hanover Bancorp during the second quarter worth $30,000. Bank of America Corp DE boosted its position 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 valued at $33,000 after purchasing an additional 1,423 shares during the last quarter. Strs Ohio purchased a new position in Hanover Bancorp in the third quarter valued at about $36,000. Finally, JPMorgan Chase & Co. acquired a new position in Hanover Bancorp in the 2nd quarter worth about $51,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Price Performance

NASDAQ HNVR opened at $21.41 on Monday. 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 has a 1 year low of $18.31 and a 1 year high of $24.36. The company has a market cap of $153.94 million, a PE ratio of 21.41 and a beta of 0.07. The stock’s 50-day moving average price is $22.84 and its two-hundred day moving average price is $22.49.

Hanover Bancorp (NASDAQ:HNVR) last released its 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). Hanover Bancorp had a return on equity of 5.18% and a net margin of 5.22%.The firm had revenue of $18.60 million during the quarter, compared to analysts’ expectations of $18.85 million. On average, analysts predict that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th were issued a $0.10 dividend. The ex-dividend date was Thursday, February 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.9%. Hanover Bancorp’s dividend payout ratio is currently 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.