Wall Street Zen Downgrades Hanover Bancorp (NASDAQ:HNVR) to Hold

Hanover Bancorp (NASDAQ:HNVR) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

A number of other analysts have also recently weighed in on the stock. Zacks Research raised shares of Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Piper Sandler raised their price objective on Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Finally, Weiss Ratings raised Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $26.25.

Hanover Bancorp Stock Up 0.6%

HNVR stock opened at $26.41 on Friday. Hanover Bancorp has a fifty-two week low of $19.91 and a fifty-two week high of $27.08. 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 stock has a market capitalization of $189.10 million, a price-to-earnings ratio of 20.80 and a beta of 0.09. The business’s fifty day moving average price is $24.01 and its two-hundred day moving average price is $22.95.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.01%. On average, equities analysts anticipate that Hanover Bancorp will post 2.4 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robert Golden sold 2,259 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total transaction of $51,482.61. Following the transaction, the director owned 34,009 shares in the company, valued at $775,065.11. The trade was a 6.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Kevin M. O’connor bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The shares were bought at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the purchase, the president owned 12,300 shares of the company’s stock, valued at $330,624. This represents a 434.78% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 4,566 shares of company stock worth $105,240 in the last 90 days. Corporate insiders own 24.38% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Fourthstone LLC increased its holdings in Hanover Bancorp by 22.6% during the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after purchasing an additional 95,194 shares in the last quarter. Geode Capital Management LLC lifted its stake in Hanover Bancorp by 117.7% during the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after acquiring an additional 57,166 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Hanover Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after acquiring an additional 554 shares in the last quarter. Corient Private Wealth LLC purchased a new position in Hanover Bancorp during the 2nd quarter worth $572,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Hanover Bancorp by 24.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock worth $486,000 after acquiring an additional 4,356 shares during the last quarter. 15.02% of the stock is owned by institutional investors.

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.