Hanover Bancorp (NASDAQ:HNVR) Director Sells $51,482.61 in Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 2,259 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total transaction of $51,482.61. Following the transaction, the director owned 34,009 shares of the company’s stock, valued at approximately $775,065.11. This trade represents a 6.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, May 20th, Robert Golden sold 1,012 shares of Hanover Bancorp stock. The stock was sold at an average price of $23.01, for a total transaction of $23,286.12.

Hanover Bancorp Stock Up 0.7%

Shares of NASDAQ HNVR traded up $0.15 during trading hours on Thursday, hitting $23.16. 59,577 shares of the stock were exchanged, compared to its average volume of 14,780. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30. The company has a market cap of $165.83 million, a PE ratio of 22.06 and a beta of 0.12. The firm has a fifty day moving average price of $22.10 and a 200-day moving average price of $22.50. Hanover Bancorp, Inc. has a 12 month low of $19.91 and a 12 month high of $24.49.

Hanover Bancorp (NASDAQ:HNVR) last posted its quarterly earnings data on Monday, April 27th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $19.11 million during the quarter, compared to analyst estimates of $19.50 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 18th. Shareholders of record on Monday, May 11th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Monday, May 11th. Hanover Bancorp’s payout ratio is currently 38.10%.

Institutional Trading of Hanover Bancorp

A number of hedge funds have recently added to or reduced their stakes in HNVR. Fourthstone LLC raised its position in shares of Hanover Bancorp by 22.6% in the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after acquiring an additional 95,194 shares during the period. Geode Capital Management LLC boosted its stake in shares of Hanover Bancorp by 117.7% during the 2nd 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 in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Hanover Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after acquiring an additional 554 shares during the period. Corient Private Wealth LLC acquired a new stake in shares of Hanover Bancorp during the 2nd quarter valued at about $572,000. Finally, Goldman Sachs Group Inc. grew its position in shares of Hanover Bancorp by 24.5% during 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 period. 15.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Zacks Research downgraded shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Piper Sandler dropped their target price on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a research report on Friday, January 30th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Hanover Bancorp currently has an average rating of “Hold” and a consensus price target of $24.33.

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.