Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives Consensus Recommendation of “Hold” from Brokerages

Hanover Bancorp, Inc. (NASDAQ:HNVR) has earned a consensus recommendation of “Hold” from the five brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $24.3333.

HNVR has been the subject of several research reports. Piper Sandler reduced 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 note on Friday, January 30th. Zacks Research cut Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Finally, Weiss Ratings downgraded Hanover Bancorp from a “buy (b-)” rating to a “hold (c)” rating in a research report on Monday, March 16th.

Institutional Investors Weigh In On Hanover Bancorp

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its holdings in 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 buying an additional 886 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Hanover Bancorp during the 2nd quarter worth about $30,000. Bank of America Corp DE lifted its holdings 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 acquiring an additional 1,423 shares during the period. Strs Ohio acquired a new stake in shares of Hanover Bancorp during the 3rd quarter valued at about $36,000. Finally, JPMorgan Chase & Co. bought a new stake in Hanover Bancorp in the second quarter valued at about $51,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Stock Performance

NASDAQ:HNVR opened at $21.29 on Friday. The firm’s 50-day moving average is $22.21 and its 200-day moving average is $22.37. Hanover Bancorp has a 52-week low of $18.31 and a 52-week high of $24.36. 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 company has a market cap of $152.65 million, a price-to-earnings ratio of 21.29 and a beta of 0.07.

Hanover Bancorp Dividend Announcement

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

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.