Hanover Bancorp, Inc. (NASDAQ:HNVR – Get Free Report) has received a consensus recommendation of “Hold” from the four brokerages that are covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $26.25.
Several brokerages recently commented on HNVR. Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 1st. Piper Sandler increased their price target on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a research report on Monday. Wall Street Zen raised shares of Hanover Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Finally, Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th.
Check Out Our Latest Research Report on HNVR
Insider Activity
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of HNVR. Dimensional Fund Advisors LP grew its position in shares of Hanover Bancorp by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock worth $683,000 after buying an additional 554 shares during the last quarter. Barclays PLC increased its stake in shares of Hanover Bancorp by 19.9% during the fourth quarter. Barclays PLC now owns 10,669 shares of the company’s stock valued at $247,000 after buying an additional 1,769 shares during the period. Fourthstone LLC increased its stake in shares of Hanover Bancorp by 22.6% during the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after buying an additional 95,194 shares during the period. GM Advisory Group LLC bought a new position in shares of Hanover Bancorp during the fourth quarter valued at approximately $430,000. Finally, Wells Fargo & Company MN raised its holdings in shares of Hanover Bancorp by 59.9% during 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 in the last quarter. Institutional investors own 15.02% of the company’s stock.
Hanover Bancorp Price Performance
Shares of Hanover Bancorp stock opened at $26.25 on Friday. 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 business’s 50 day simple moving average is $23.95 and its two-hundred day simple moving average is $22.92. The stock has a market capitalization of $187.87 million, a P/E ratio of 20.67 and a beta of 0.11. Hanover Bancorp has a one year low of $19.91 and a one year high of $27.01.
Hanover Bancorp (NASDAQ:HNVR – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The firm had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%. Analysts forecast that Hanover Bancorp will post 2.4 EPS for the current year.
Hanover Bancorp Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Thursday, August 6th. Hanover Bancorp’s dividend payout ratio is currently 31.50%.
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.
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