Hanover Bancorp (NASDAQ:HNVR) Cut to “Equal Weight” at Stephens

Hanover Bancorp (NASDAQ:HNVR) was downgraded by Stephens from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, MarketBeat Ratings reports.

Separately, Piper Sandler upped their price objective on Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th.

Hanover Bancorp Trading Up 0.1 %

Shares of HNVR stock opened at $25.42 on Monday. Hanover Bancorp has a twelve month low of $13.62 and a twelve month high of $27.14. The stock’s fifty day simple moving average is $21.16 and its 200 day simple moving average is $18.57. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $181.75 million, a P/E ratio of 15.41 and a beta of -0.10.

Insiders Place Their Bets

In other Hanover Bancorp news, Director Robert Golden sold 2,500 shares of the stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total transaction of $63,750.00. Following the completion of the sale, the director now owns 28,345 shares of the company’s stock, valued at approximately $722,797.50. This represents a 8.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HNVR. Renaissance Technologies LLC bought a new position in Hanover Bancorp during the second quarter worth $170,000. Fourthstone LLC acquired a new stake in Hanover Bancorp during the 3rd quarter worth about $877,000. Finally, Geode Capital Management LLC lifted its stake in shares of Hanover Bancorp by 46.5% in the 3rd quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock valued at $779,000 after purchasing an additional 13,803 shares during the period. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.