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

Hanover Bancorp (NASDAQ:HNVR) had its price objective raised by Piper Sandler from $18.00 to $20.00 in a report issued on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Hanover Bancorp Stock Performance

Shares of HNVR opened at $16.59 on Thursday. The company has a 50-day simple moving average of $16.56 and a 200-day simple moving average of $16.45. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $120.28 million, a PE ratio of 8.46 and a beta of -0.23. Hanover Bancorp has a 52-week low of $13.62 and a 52-week high of $18.86.

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

Hanover Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be paid a dividend of $0.10 per share. The ex-dividend date is Wednesday, August 7th. This represents a $0.40 annualized dividend and a dividend 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.