Analysts Set Hanover Bancorp, Inc. (NASDAQ:HNVR) Target Price at $24.33

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) have received an average rating of “Hold” from the five brokerages that are presently covering the company, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $25.00.

Several equities research analysts have commented on HNVR shares. Wall Street Zen raised shares of Hanover Bancorp from a “hold” rating to a “buy” rating in a report on Saturday. Piper Sandler increased 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. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st.

Insider Transactions at Hanover Bancorp

In other Hanover Bancorp news, Director Robert Golden sold 1,295 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the sale, the director owned 31,702 shares of the company’s stock, valued at $745,948.06. The trade was a 3.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last quarter, insiders have sold 4,566 shares of company stock worth $105,240. Insiders own 24.38% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

A number of large investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its stake in shares of Hanover Bancorp by 219.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after purchasing an additional 886 shares during the period. Bank of America Corp DE grew its holdings in Hanover Bancorp by 3,744.7% during the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after buying an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in Hanover Bancorp during the 2nd quarter valued at about $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Hanover Bancorp during the second quarter valued at about $59,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Hanover Bancorp during the third quarter valued at about $71,000. 15.02% of the stock is owned by institutional investors.

Hanover Bancorp Stock Performance

Shares of HNVR opened at $25.26 on Friday. Hanover Bancorp has a 1 year low of $19.91 and a 1 year high of $25.75. 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’s fifty day moving average price is $23.67 and its two-hundred day moving average price is $22.82. The firm has a market cap of $180.86 million, a PE ratio of 19.89 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings results 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. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%.The company had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million. On average, equities research analysts forecast that Hanover Bancorp will post 2.41 EPS for the current year.

Hanover Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Thursday, August 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Thursday, August 6th. Hanover Bancorp’s payout ratio is currently 31.50%.

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.