Piper Sandler Raises Hanover Bancorp (NASDAQ:HNVR) Price Target to $20.00

Hanover Bancorp (NASDAQ:HNVR) had its target price lifted by Piper Sandler from $18.00 to $20.00 in a research note released on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Hanover Bancorp Stock Up 0.2 %

Shares of Hanover Bancorp stock opened at $16.59 on Thursday. The company has a fifty day moving average price of $16.56 and a 200 day moving average price of $16.46. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. Hanover Bancorp has a twelve month low of $13.62 and a twelve month high of $18.86. The stock has a market cap of $120.28 million, a price-to-earnings ratio of 8.46 and a beta of -0.23.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.34). Hanover Bancorp had a return on equity of 6.33% and a net margin of 8.70%. The business had revenue of $37.04 million for the quarter, compared to analysts’ expectations of $16.30 million. Equities research analysts forecast that Hanover Bancorp will post 1.77 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, August 7th. This represents a $0.40 dividend on an annualized basis and a yield of 2.41%. Hanover Bancorp’s dividend payout ratio is currently 20.41%.

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.