Hanover Bancorp (NASDAQ:HNVR) Stock Rating Upgraded by Zacks Research

Hanover Bancorp (NASDAQ:HNVR) was upgraded by equities researchers at Zacks Research to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on HNVR. Weiss Ratings raised Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 1st. Piper Sandler assumed coverage on Hanover Bancorp in a research note on Friday, July 10th. They issued an “overweight” rating and a $26.50 target price for the company. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Hanover Bancorp presently has an average rating of “Hold” and a consensus price target of $24.33.

Hanover Bancorp Stock Performance

Shares of NASDAQ HNVR opened at $24.43 on Monday. The company has a market cap of $174.92 million, a PE ratio of 23.27 and a beta of 0.11. Hanover Bancorp has a 12 month low of $19.91 and a 12 month high of $24.79. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The company has a 50-day simple moving average of $23.31 and a 200-day simple moving average of $22.70.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Monday, April 27th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%. The business had revenue of $19.11 million for the quarter, compared to the consensus estimate of $19.50 million. On average, equities analysts anticipate that Hanover Bancorp will post 2.41 earnings per share for the current year.

Insider Buying and Selling at Hanover Bancorp

In other Hanover Bancorp news, Director Robert Golden sold 2,259 shares of Hanover Bancorp stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total value of $51,482.61. Following the transaction, the director owned 34,009 shares in the company, valued at $775,065.11. This trade represents a 6.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 4,566 shares of company stock valued at $105,240. 24.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in Hanover Bancorp by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after acquiring an additional 554 shares during the period. Barclays PLC increased its stake in Hanover Bancorp by 19.9% during the fourth quarter. Barclays PLC now owns 10,669 shares of the company’s stock worth $247,000 after acquiring an additional 1,769 shares during the last quarter. Fourthstone LLC raised its holdings in shares of Hanover Bancorp by 22.6% in the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after purchasing an additional 95,194 shares during the period. GM Advisory Group LLC purchased a new position in shares of Hanover Bancorp in the 4th quarter worth about $430,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Hanover Bancorp by 59.9% in the 4th quarter. Wells Fargo & Company MN now owns 5,531 shares of the company’s stock valued at $128,000 after purchasing an additional 2,072 shares in the last quarter. 15.02% of the stock is owned by hedge funds and other institutional investors.

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.