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

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have earned an average recommendation of “Hold” from the five ratings firms that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given 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 subject of a number of research reports. Piper Sandler dropped their target price on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research report on Friday, January 30th. Weiss Ratings downgraded shares of Hanover Bancorp from a “buy (b-)” rating to a “hold (c)” rating in a research note on Monday, March 16th. Finally, Zacks Research downgraded shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th.

Hanover Bancorp Price Performance

Shares of NASDAQ:HNVR opened at $22.37 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a fifty day moving average price of $21.65 and a 200 day moving average price of $22.28. Hanover Bancorp has a fifty-two week low of $19.91 and a fifty-two week high of $24.36. The firm has a market cap of $160.39 million, a price-to-earnings ratio of 22.37 and a beta of 0.04.

Hanover Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 26th. Investors of record on Thursday, February 12th were paid a dividend of $0.10 per share. 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 1.8%. Hanover Bancorp’s dividend payout ratio is presently 40.00%.

Institutional Investors Weigh In On Hanover Bancorp

A number of hedge funds have recently bought and sold shares of HNVR. Fourthstone LLC raised its stake in Hanover Bancorp by 22.6% during the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after purchasing an additional 95,194 shares in the last quarter. Geode Capital Management LLC raised its stake in 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 purchasing an additional 57,166 shares in the last quarter. Corient Private Wealth LLC purchased a new stake in Hanover Bancorp during the second quarter valued at $572,000. GM Advisory Group LLC purchased a new stake in Hanover Bancorp during the fourth quarter valued at $430,000. Finally, Teton Advisors LLC purchased a new stake in Hanover Bancorp during the third quarter valued at $314,000. Hedge funds and other 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.