Hanover Bancorp (NASDAQ:HNVR) Stock Gets Downgrade from Zacks Research

Hanover Bancorp (NASDAQ:HNVR) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

HNVR has been the subject of a number of other research reports. Wall Street Zen downgraded Hanover Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings cut Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. Raymond James Financial began coverage on Hanover Bancorp in a report on Wednesday, August 26th. They issued a “market perform” rating on the stock. Finally, Piper Sandler lifted their price objective on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Hanover Bancorp presently has an average rating of “Moderate Buy” and an average price target of $28.50.

Hanover Bancorp Stock Performance

Shares of Hanover Bancorp stock opened at $22.93 on Monday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $161.89 million, a P/E ratio of 16.38 and a beta of 0.12. The firm has a 50 day simple moving average of $25.50 and a 200 day simple moving average of $23.91. Hanover Bancorp has a fifty-two week low of $20.19 and a fifty-two week high of $27.94.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.01. The firm had revenue of $19.28 million for the quarter, compared to the consensus estimate of $20.00 million. Hanover Bancorp had a return on equity of 6.44% and a net margin of 7.33%. Sell-side analysts predict that Hanover Bancorp will post 2.37 earnings per share for the current fiscal year.

Institutional Trading of Hanover Bancorp

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Hanover Bancorp during the 2nd quarter valued at $6,620,000. Susquehanna International Group LLP acquired a new position in shares of Hanover Bancorp in the 2nd quarter valued at $3,026,000. Corient Private Wealth LP acquired a new position in shares of Hanover Bancorp in the 2nd quarter valued at $985,000. Dimensional Fund Advisors LP boosted 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 purchasing an additional 554 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Hanover Bancorp in the 2nd quarter worth $258,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the parent company of Hanover Community Bank, a community-focused banking institution headquartered in Mineola, New York. The bank provides a range of financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking channels.

Hanover Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and land loans, commercial business financing, home equity loans and consumer credit.