Hanover Bancorp, Inc. (NASDAQ:HNVR) Given Consensus Recommendation of “Hold” by Analysts

Hanover Bancorp, Inc. (NASDAQ:HNVR) has been given an average rating of “Hold” by the five analysts that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $24.50.

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

Insiders Place Their Bets

In other Hanover Bancorp news, Director Robert Golden sold 5,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.25, for a total value of $106,250.00. Following the transaction, the director directly owned 80,769 shares in the company, valued at $1,716,341.25. This represents a 5.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 24.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LLC bought a new position in Hanover Bancorp during the 2nd quarter worth approximately $572,000. Fourthstone LLC bought a new stake in Hanover Bancorp in the second quarter valued at approximately $6,690,000. Los Angeles Capital Management LLC purchased a new stake in shares of Hanover Bancorp during the second quarter valued at approximately $382,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Hanover Bancorp during the second quarter valued at approximately $30,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Hanover Bancorp by 24.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock worth $486,000 after purchasing an additional 4,356 shares during the last quarter. Institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Price Performance

Shares of NASDAQ HNVR opened at $23.49 on Friday. 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 fifty-two week low of $18.31 and a fifty-two week high of $27.00. The stock has a market cap of $168.89 million, a PE ratio of 15.45 and a beta of 0.04. The stock has a fifty day moving average of $22.93 and a 200-day moving average of $22.34.

Hanover Bancorp (NASDAQ:HNVR) last issued its earnings results on Thursday, October 30th. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.02). The company had revenue of $18.01 million during the quarter, compared to the consensus estimate of $18.90 million. Hanover Bancorp had a return on equity of 7.20% and a net margin of 7.82%. Equities research analysts anticipate that Hanover Bancorp will post 2.38 earnings per share for the current year.

Hanover Bancorp Announces Dividend

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

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.