Kevin O’connor Buys 10,000 Shares of Hanover Bancorp (NASDAQ:HNVR) Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) President Kevin O’connor bought 10,000 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were acquired at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the transaction, the president owned 12,300 shares of the company’s stock, valued at approximately $330,624. The trade was a 434.78% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Hanover Bancorp Stock Performance

Shares of HNVR opened at $27.12 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. Hanover Bancorp, Inc. has a 1 year low of $19.91 and a 1 year high of $27.42. The firm has a fifty day moving average of $24.08 and a 200-day moving average of $22.98. The company has a market cap of $194.18 million, a price-to-earnings ratio of 21.35 and a beta of 0.09.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.01%. The firm had revenue of $19.57 million for the quarter, compared to the consensus estimate of $19.83 million. As a group, equities analysts anticipate that Hanover Bancorp, Inc. will post 2.4 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. Hanover Bancorp’s payout ratio is currently 31.50%.

Hedge Funds Weigh In On Hanover Bancorp

Several hedge funds have recently modified their holdings of the company. Fourthstone LLC lifted its holdings in shares of Hanover Bancorp by 22.6% in the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after buying an additional 95,194 shares during the period. Geode Capital Management LLC grew its holdings in Hanover Bancorp by 117.7% during the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock worth $2,294,000 after acquiring an additional 57,166 shares during the period. Dimensional Fund Advisors LP raised its position in Hanover Bancorp by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock worth $683,000 after acquiring an additional 554 shares in the last quarter. Corient Private Wealth LLC bought a new stake in Hanover Bancorp in the second quarter worth about $572,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Hanover Bancorp by 24.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock valued at $486,000 after acquiring an additional 4,356 shares during the last quarter. 15.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on HNVR shares. Zacks Research upgraded Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 1st. Piper Sandler increased their price target on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Finally, Wall Street Zen lowered Hanover Bancorp from a “buy” rating to a “hold” rating in a report on Sunday. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Hanover Bancorp has a consensus rating of “Hold” and an average price target of $26.25.

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.