Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR – Get Free Report) have been given an average recommendation of “Hold” by the five analysts that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $24.3333.
A number of analysts have recently commented on HNVR shares. Piper Sandler cut their price objective on Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research report on Friday, January 30th. Zacks Research cut shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th.
Check Out Our Latest Research Report on Hanover Bancorp
Hanover Bancorp Stock Up 1.0%
Hanover Bancorp (NASDAQ:HNVR – Get Free Report) last posted its earnings results on Monday, April 27th. The company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Hanover Bancorp had a return on equity of 5.09% and a net margin of 5.53%.The firm had revenue of $19.11 million for the quarter, compared to analysts’ expectations of $19.50 million.
Hanover Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, May 18th. Investors of record on Monday, May 11th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, May 11th. Hanover Bancorp’s dividend payout ratio is 38.10%.
Insiders Place Their Bets
In related news, Director Robert Golden sold 2,259 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total value of $51,482.61. Following the transaction, the director directly owned 34,009 shares of the company’s stock, valued at approximately $775,065.11. This trade represents a 6.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 24.76% of the company’s stock.
Hedge Funds Weigh In On Hanover Bancorp
A number of hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its stake in shares of Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after acquiring an additional 886 shares during the last quarter. Bank of America Corp DE lifted its holdings in Hanover Bancorp by 3,744.7% in the 2nd 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 in the last quarter. Strs Ohio acquired a new stake in Hanover Bancorp during the 3rd quarter worth $36,000. JPMorgan Chase & Co. purchased a new stake in shares of Hanover Bancorp during the second quarter worth $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Hanover Bancorp during the second quarter worth $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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