Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives $23.83 Average Price Target from Analysts

Hanover Bancorp, Inc. (NASDAQ:HNVR) has earned an average rating of “Hold” from the five ratings firms that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $23.8333.

HNVR has been the topic of a number of research reports. Piper Sandler cut their price objective on shares of Hanover Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research report on Thursday, July 24th. Stephens lowered their target price on shares of Hanover Bancorp from $23.50 to $22.50 and set an “equal weight” rating on the stock in a report on Tuesday, July 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Hanover Bancorp in a report on Saturday, September 27th. Hovde Group began coverage on shares of Hanover Bancorp in a report on Wednesday, August 13th. They set a “market perform” rating and a $24.00 target price on the stock. Finally, Zacks Research upgraded shares of Hanover Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, September 22nd.

Hedge Funds Weigh In On Hanover Bancorp

A number of institutional investors have recently added to or reduced their stakes in HNVR. Police & Firemen s Retirement System of New Jersey acquired a new position in Hanover Bancorp during the second quarter worth $30,000. Bank of America Corp DE increased its holdings in shares of Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after purchasing an additional 1,423 shares during the last quarter. JPMorgan Chase & Co. acquired a new position in shares of Hanover Bancorp in the second quarter valued at $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Hanover Bancorp in the second quarter valued at $59,000. Finally, New York State Common Retirement Fund acquired a new position in shares of Hanover Bancorp in the second quarter valued at $108,000. 15.02% of the stock is currently owned by institutional investors and hedge funds.

Hanover Bancorp Stock Performance

Shares of HNVR stock opened at $22.02 on Friday. The company’s fifty day simple moving average is $22.14 and its 200-day simple moving average is $22.09. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The firm has a market cap of $158.87 million, a PE ratio of 14.39 and a beta of 0.07. Hanover Bancorp has a 12 month low of $17.86 and a 12 month high of $27.14.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.24). The business had revenue of $18.36 million during the quarter, compared to the consensus estimate of $19.30 million. Hanover Bancorp had a return on equity of 7.40% and a net margin of 7.73%. Equities research analysts expect that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 13th. Investors of record on Wednesday, August 6th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Wednesday, August 6th. Hanover Bancorp’s payout ratio is presently 26.14%.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.