Hanover Bancorp (NASDAQ:HNVR) Director Sells $16,520.00 in Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 700 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $23.60, for a total transaction of $16,520.00. Following the completion of the sale, the director owned 195,358 shares of the company’s stock, valued at approximately $4,610,448.80. This trade represents a 0.36% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Thursday, February 5th, Robert Golden sold 500 shares of Hanover Bancorp stock. The stock was sold at an average price of $23.50, for a total transaction of $11,750.00.

Hanover Bancorp Price Performance

HNVR opened at $22.78 on Thursday. The firm has a market capitalization of $163.79 million, a P/E ratio of 22.78 and a beta of 0.04. The stock has a fifty day moving average of $23.39 and a 200-day moving average of $22.45. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. Hanover Bancorp, Inc. has a 12-month low of $18.31 and a 12-month high of $25.93.

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

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th will be issued a $0.10 dividend. The ex-dividend date is Thursday, February 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.8%. Hanover Bancorp’s dividend payout ratio is currently 40.00%.

Analyst Ratings Changes

Several research analysts have weighed in on HNVR shares. Zacks Research lowered shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a report on Monday, December 29th. Finally, Piper Sandler cut their price objective on Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $24.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Corient Private Wealth LLC acquired a new stake in shares of Hanover Bancorp in the second quarter worth about $572,000. Fourthstone LLC acquired a new position in shares of Hanover Bancorp during the 2nd quarter valued at about $6,690,000. Los Angeles Capital Management LLC bought a new position in shares of Hanover Bancorp in the 2nd quarter valued at approximately $382,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in Hanover Bancorp in the 2nd quarter worth approximately $30,000. Finally, JPMorgan Chase & Co. lifted its holdings in Hanover Bancorp by 23.5% in the 3rd 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. Institutional investors own 15.02% of the company’s stock.

About Hanover Bancorp

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.