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

Hanover Bancorp (NASDAQ:HNVR) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday, Zacks reports.

A number of other brokerages have also weighed in on HNVR. Wall Street Zen lowered Hanover Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday. Piper Sandler raised their price target on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Raymond James Financial assumed coverage on shares of Hanover Bancorp in a research note on Wednesday, August 26th. They issued a “market perform” rating for the company. Finally, Weiss Ratings lowered shares of Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Hanover Bancorp has an average rating of “Moderate Buy” and a consensus target price of $28.50.

Hanover Bancorp Stock Performance

HNVR stock opened at $22.93 on Monday. The stock’s 50 day simple moving average is $25.50 and its 200 day simple moving average is $23.91. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.17. Hanover Bancorp has a 12-month low of $20.19 and a 12-month high of $27.94. The stock has a market capitalization of $161.89 million, a PE ratio of 16.38 and a beta of 0.12.

Hanover Bancorp (NASDAQ:HNVR) last posted its earnings results on Wednesday, October 28th. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. Hanover Bancorp had a return on equity of 6.44% and a net margin of 7.33%. The business had revenue of $19.28 million during the quarter, compared to analyst estimates of $20.00 million. As a group, research analysts forecast that Hanover Bancorp will post 2.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hanover Bancorp

A number of large investors have recently made changes to their positions in HNVR. Susquehanna International Group LLP purchased a new position in shares of Hanover Bancorp in the second quarter worth approximately $3,026,000. Corient Private Wealth LP bought a new stake in Hanover Bancorp during the second quarter valued at approximately $985,000. Algert Global LLC purchased a new stake in Hanover Bancorp during the second quarter valued at approximately $232,000. BlackRock Inc. purchased a new stake in Hanover Bancorp during the second quarter valued at approximately $6,620,000. Finally, Deutsche Bank AG purchased a new stake in Hanover Bancorp during the second quarter valued at approximately $101,000. 15.02% of the stock is currently owned by institutional investors.

About Hanover Bancorp

Hanover Bancorp, Inc is the parent company of Hanover Community Bank, a community-focused banking institution headquartered in Mineola, New York. The bank provides a range of financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking channels.

Hanover Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and land loans, commercial business financing, home equity loans and consumer credit.