Analysts Set Hanover Bancorp, Inc. (NASDAQ:HNVR) PT at $23.83

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have received an average recommendation of “Hold” from the five ratings firms that are covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $23.8333.

A number of analysts recently weighed in on the company. Hovde Group assumed coverage on Hanover Bancorp in a research report on Wednesday, August 13th. They issued a “market perform” rating and a $24.00 target price for the company. Stephens dropped their target price on Hanover Bancorp from $23.50 to $22.50 and set an “equal weight” rating for the company in a research report on Tuesday, July 29th. Zacks Research raised Hanover Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, September 22nd. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Hanover Bancorp in a research note on Saturday, September 27th. Finally, Piper Sandler decreased their price target on Hanover Bancorp from $27.00 to $25.00 and set an “overweight” rating on the stock in a research note on Thursday, July 24th.

Hedge Funds Weigh In On Hanover Bancorp

A number of large investors have recently bought and sold shares of the stock. Corient Private Wealth LLC purchased a new position in Hanover Bancorp in the 2nd quarter worth approximately $572,000. Bank of America Corp DE increased its stake 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 worth $33,000 after purchasing an additional 1,423 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Hanover Bancorp in the 2nd quarter worth approximately $59,000. Fourthstone LLC purchased a new position in shares of Hanover Bancorp during the second quarter valued at approximately $6,690,000. Finally, New York State Common Retirement Fund purchased a new position in shares of Hanover Bancorp during the second quarter valued at approximately $108,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

Hanover Bancorp Stock Performance

NASDAQ:HNVR opened at $22.22 on Friday. The business has a 50 day moving average of $22.16 and a 200 day moving average of $22.08. The company has a market capitalization of $160.43 million, a price-to-earnings ratio of 14.52 and a beta of 0.07. Hanover Bancorp has a 1-year low of $17.86 and a 1-year high of $27.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.03.

Hanover Bancorp (NASDAQ:HNVR) last released its earnings results on Wednesday, July 23rd. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.24). The firm 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%. On average, sell-side analysts predict that Hanover Bancorp will post 2.38 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 13th. Shareholders of record on Wednesday, August 6th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, August 6th. Hanover Bancorp’s payout ratio is 26.14%.

About Hanover Bancorp

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.