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

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 500 shares of Hanover Bancorp stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $23.50, for a total transaction of $11,750.00. Following the completion of the sale, the director owned 196,058 shares of the company’s stock, valued at $4,607,363. This represents a 0.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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 transaction of $16,520.00.

Hanover Bancorp Price Performance

Shares of HNVR traded down $0.09 during trading hours on Monday, reaching $23.27. 7,381 shares of the stock traded hands, compared to its average volume of 17,935. Hanover Bancorp, Inc. has a 52-week low of $18.31 and a 52-week high of $26.43. The company’s 50-day moving average price is $23.37 and its two-hundred day moving average price is $22.43. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. The company has a market cap of $167.31 million, a P/E ratio of 23.27 and a beta of 0.04.

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

Hanover Bancorp Announces Dividend

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

Institutional Investors Weigh In On Hanover Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in Hanover Bancorp by 23.5% during 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 period. BNP Paribas Financial Markets increased its holdings in shares of Hanover Bancorp by 219.9% during the 3rd 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 last quarter. Bank of America Corp DE raised its position in shares of Hanover Bancorp by 68.6% during the 3rd quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock valued at $55,000 after buying an additional 1,002 shares during the period. Police & Firemen s Retirement System of New Jersey purchased a new position in Hanover Bancorp in the second quarter worth approximately $30,000. Finally, Strs Ohio acquired a new stake in Hanover Bancorp during the third quarter worth $36,000. 15.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

HNVR has been the subject of a number of recent analyst reports. Zacks Research cut shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Piper Sandler decreased their price target on Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a report on Friday, January 30th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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.