Hanover Bancorp (NASDAQ:HNVR) Director Robert Golden Sells 500 Shares

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 500 shares of the business’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $23.50, for a total value of $11,750.00. Following the transaction, the director directly owned 196,058 shares of the company’s stock, valued at approximately $4,607,363. The trade was a 0.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Robert Golden also recently made the following trade(s):

• On Friday, February 6th, Robert Golden sold 700 shares of Hanover Bancorp stock. The shares were sold at an average price of $23.60, for a total value of $16,520.00.

Hanover Bancorp Trading Down 0.4%

Shares of HNVR stock traded down $0.09 during trading hours on Monday, hitting $23.27. 7,381 shares of the company’s stock traded hands, compared to its average volume of 17,935. The stock has a market cap of $167.31 million, a PE ratio of 23.27 and a beta of 0.04. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. Hanover Bancorp, Inc. has a 12 month low of $18.31 and a 12 month high of $26.43. The stock’s 50 day simple moving average is $23.37 and its 200 day simple moving average is $22.43.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.51). The firm had revenue of $18.60 million during the quarter, compared to analyst estimates of $18.85 million. Hanover Bancorp had a return on equity of 5.18% and a net margin of 5.22%. On average, sell-side analysts anticipate that Hanover Bancorp, Inc. will post 2.38 EPS for the current year.

Hanover Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, February 12th. This represents a $0.40 annualized dividend and a yield of 1.7%. Hanover Bancorp’s dividend payout ratio is presently 40.00%.

Institutional Trading of Hanover Bancorp

Several hedge funds have recently added to or reduced their stakes in HNVR. JPMorgan Chase & Co. grew its holdings in shares of Hanover Bancorp by 23.5% in the third quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after purchasing an additional 529 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after buying an additional 886 shares during the period. Bank of America Corp DE lifted its holdings in Hanover Bancorp by 68.6% in the third quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock worth $55,000 after buying an additional 1,002 shares during the period. Police & Firemen s Retirement System of New Jersey bought a new position in Hanover Bancorp in the second quarter worth $30,000. Finally, Strs Ohio bought a new stake in Hanover Bancorp during the third quarter worth about $36,000. 15.02% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on HNVR shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday, December 29th. Zacks Research lowered Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, Piper Sandler cut their price target on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $24.33.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.