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

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have received a consensus recommendation of “Hold” from the five analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $24.3333.

Several research analysts have issued reports on the stock. Piper Sandler dropped their target price on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a report on Friday, January 30th. Zacks Research lowered shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Weiss Ratings cut shares of Hanover Bancorp from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, March 16th.

Hanover Bancorp Stock Performance

Shares of Hanover Bancorp stock opened at $21.20 on Friday. The firm has a market cap of $152.00 million, a P/E ratio of 21.20 and a beta of 0.07. 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 12 month low of $18.31 and a 12 month high of $24.36. The stock’s fifty day moving average price is $22.16 and its 200-day moving average price is $22.36.

Hanover Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, February 12th were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, February 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.9%. Hanover Bancorp’s payout ratio is 40.00%.

Institutional Trading of Hanover Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of HNVR. BNP Paribas Financial Markets increased its holdings in shares of Hanover Bancorp by 219.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after acquiring 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 2nd quarter worth $30,000. Bank of America Corp DE lifted its stake in shares of Hanover Bancorp by 3,744.7% during the 2nd 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 Hanover Bancorp during the third quarter valued at about $36,000. Finally, JPMorgan Chase & Co. bought a new stake in Hanover Bancorp during the second quarter valued at about $51,000. Institutional investors own 15.02% of the company’s stock.

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.