BUZZ-Raymond James starts Hanover Bancorp with 'market perform' rating
HNVR•Credit uncertainty flagged in the near term
Raymond James also flagged near-term credit uncertainty due to Hanover's sizable exposure to rent-stabilized multifamily loans.
As of last close, the stock was up 16.6% year to date.
Raymond James initiates coverage on Hanover Bancorp
Raymond James initiated coverage on Hanover Bancorp HNVR.O with a market perform rating.
The brokerage said HNVR is a growing Long Island franchise at a profitability and growth inflection following headwinds during the recent rate-tightening cycle.
“We expect recent franchise investments to support solid balance sheet growth while significant loan repricing should fuel net interest margin and profitability higher” — Raymond James
