Hanover Bancorp, Inc. (NASDAQ:HNVR) Receives $24.33 Consensus Price Target from Analysts

Hanover Bancorp, Inc. (NASDAQ:HNVR) has been given an average recommendation of “Hold” by the five ratings firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $24.3333.

Several brokerages have recently weighed in on HNVR. Piper Sandler decreased their price target on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research note on Friday, January 30th. Zacks Research cut shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th.

Hanover Bancorp Price Performance

Shares of HNVR opened at $23.01 on Friday. The stock has a market capitalization of $164.75 million, a P/E ratio of 21.91 and a beta of 0.12. Hanover Bancorp has a twelve month low of $19.91 and a twelve month high of $24.49. The company has a 50 day moving average of $22.10 and a 200-day moving average of $22.50. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings results on Monday, April 27th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.01. The company had revenue of $19.11 million during the quarter, compared to analysts’ expectations of $19.50 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%.

Hanover Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 18th. Investors of record on Monday, May 11th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. Hanover Bancorp’s dividend payout ratio (DPR) is currently 38.10%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its stake in Hanover Bancorp by 219.9% in the third 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 in the last quarter. Bank of America Corp DE raised its stake in Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after purchasing an additional 1,423 shares in the last quarter. Strs Ohio acquired a new position in Hanover Bancorp in the third quarter valued at about $36,000. JPMorgan Chase & Co. acquired a new position in Hanover Bancorp in the second quarter valued at about $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Hanover Bancorp in the second quarter valued at about $59,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

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.