Hanover Bancorp (NASDAQ:HNVR) Stock Rating Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Hanover Bancorp (NASDAQ:HNVR) from a buy rating to a hold rating in a research report report published on Sunday morning,Wall Street Zen reports.

HNVR has been the subject of several other research reports. Weiss Ratings upgraded Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Piper Sandler upped their target price on shares of Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. Finally, Raymond James Financial initiated coverage on Hanover Bancorp in a research note on Wednesday, August 26th. They set a “market perform” rating on the stock. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.50.

Hanover Bancorp Price Performance

Hanover Bancorp stock opened at $26.51 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.17. The company has a market cap of $187.03 million, a price-to-earnings ratio of 20.87 and a beta of 0.10. Hanover Bancorp has a 12 month low of $19.91 and a 12 month high of $27.94. The business’s 50 day simple moving average is $26.70 and its 200 day simple moving average is $24.15.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.02. The company had revenue of $19.57 million during the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%. Sell-side analysts forecast that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, August 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. Hanover Bancorp’s dividend payout ratio is currently 31.50%.

Insider Transactions at Hanover Bancorp

In other news, President Kevin O’Connor acquired 10,000 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was acquired at an average price of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the acquisition, the president owned 12,300 shares in the company, valued at $330,624. This trade represents a 434.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 24.38% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Corient Private Wealth LP bought a new position in Hanover Bancorp during the 2nd quarter valued at approximately $985,000. BlackRock Inc. purchased a new position in Hanover Bancorp in the 2nd quarter worth about $6,620,000. Susquehanna International Group LLP purchased a new position in shares of Hanover Bancorp during the second quarter valued at approximately $3,026,000. Bank of New York Mellon Corp purchased a new stake in Hanover Bancorp during the 2nd quarter valued at $258,000. Finally, Algert Global LLC purchased a new stake in Hanover Bancorp during the second quarter valued at $232,000. Institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is a bank holding company that operates through Hanover Community Bank, a community-focused financial institution serving businesses, individuals and municipal customers. The bank is headquartered in Mineola, New York, and has historically focused its operations on Long Island and the New York City metropolitan area, including Nassau, Suffolk, Queens, Brooklyn and Manhattan.

Hanover Community Bank provides a range of deposit products, including checking, savings, money market and certificate of deposit accounts.