Zacks Research upgraded shares of Hanover Bancorp (NASDAQ:HNVR – Free Report) to a hold rating in a report published on Monday morning,Zacks.com reports.
Several other equities analysts also recently issued reports on the company. Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. Piper Sandler began coverage on Hanover Bancorp in a report on Friday, July 10th. They set an “overweight” rating and a $26.50 target price on the stock. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Hanover Bancorp currently has a consensus rating of “Hold” and a consensus target price of $24.33.
Check Out Our Latest Stock Report on HNVR
Hanover Bancorp Stock Performance
Hanover Bancorp (NASDAQ:HNVR – Get Free Report) last announced its earnings results on Monday, April 27th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The business had revenue of $19.11 million for the quarter, compared to the consensus estimate of $19.50 million. Hanover Bancorp had a return on equity of 5.09% and a net margin of 5.53%. On average, equities analysts forecast that Hanover Bancorp will post 2.41 earnings per share for the current fiscal year.
Hanover Bancorp Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, May 18th. Stockholders of record on Monday, May 11th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, May 11th. Hanover Bancorp’s dividend payout ratio is 38.10%.
Insider Buying and Selling at Hanover Bancorp
In related news, Director Robert Golden sold 1,295 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total value of $30,471.35. Following the completion of the sale, the director owned 31,702 shares of the company’s stock, valued at $745,948.06. This trade represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold a total of 4,566 shares of company stock valued at $105,240 over the last three months. Company insiders own 24.38% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Wells Fargo & Company MN boosted its holdings in Hanover Bancorp by 59.9% in the fourth quarter. Wells Fargo & Company MN now owns 5,531 shares of the company’s stock valued at $128,000 after acquiring an additional 2,072 shares during the last quarter. Bank of America Corp DE increased its position in Hanover Bancorp by 68.6% in the third quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock worth $55,000 after purchasing an additional 1,002 shares during the period. Russell Investments Group Ltd. bought a new stake in Hanover Bancorp during the 3rd quarter worth about $71,000. JPMorgan Chase & Co. raised its holdings in Hanover Bancorp by 23.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after purchasing an additional 529 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Hanover Bancorp during the 2nd quarter worth about $59,000. Institutional investors and hedge funds own 15.02% of the company’s stock.
Hanover Bancorp Company Profile
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.
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