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

Wall Street Zen downgraded shares of Hanover Bancorp (NASDAQ:HNVR) from a buy rating to a hold rating in a report released on Saturday,Wall Street Zen reports.

Several other brokerages also recently issued reports on HNVR. Raymond James Financial assumed coverage on shares of Hanover Bancorp in a report on Wednesday, August 26th. They issued a “market perform” rating on the stock. Zacks Research raised shares of Hanover Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. Weiss Ratings downgraded Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Finally, Piper Sandler lifted their price objective on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Hanover Bancorp currently has a consensus rating of “Buy” and an average price target of $28.50.

Hanover Bancorp Trading Down 1.1%

Shares of HNVR stock opened at $23.34 on Friday. Hanover Bancorp has a fifty-two week low of $20.00 and a fifty-two week high of $27.94. The stock has a market cap of $164.78 million, a P/E ratio of 16.67 and a beta of 0.11. The business has a fifty day simple moving average of $25.65 and a 200-day simple moving average of $23.90. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $19.28 million for the quarter, compared to analysts’ expectations of $20.00 million. Hanover Bancorp had a net margin of 7.33% and a return on equity of 6.44%. On average, analysts forecast that Hanover Bancorp will post 2.39 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 18th. Stockholders of record on Wednesday, November 11th will be given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. Hanover Bancorp’s payout ratio is currently 28.57%.

Institutional Trading of Hanover Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Hanover Bancorp in the second quarter worth approximately $6,620,000. Corient Private Wealth LP purchased a new stake in Hanover Bancorp in the second quarter valued at approximately $985,000. Susquehanna International Group LLP purchased a new stake in Hanover Bancorp in the second quarter valued at approximately $3,026,000. Bank of New York Mellon Corp acquired a new position in Hanover Bancorp during the second quarter worth approximately $258,000. Finally, Algert Global LLC acquired a new position in Hanover Bancorp during the second quarter worth approximately $232,000. Hedge funds and other institutional investors own 15.02% of the company’s stock.

About Hanover Bancorp

Hanover Bancorp, Inc is the parent company of Hanover Community Bank, a community-focused banking institution headquartered in Mineola, New York. The bank provides a range of financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking channels.

Hanover Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and land loans, commercial business financing, home equity loans and consumer credit.