Hanover Bancorp (NASDAQ:HNVR) President Kevin O’connor Purchases 10,000 Shares

Hanover Bancorp, Inc. (NASDAQ:HNVR) President Kevin O’connor purchased 10,000 shares of the business’s stock in a transaction on Thursday, July 30th. The shares were bought at an average cost of $26.88 per share, with a total value of $268,800.00. Following the acquisition, the president directly owned 12,300 shares of the company’s stock, valued at $330,624. This trade represents a 434.78% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Hanover Bancorp Stock Performance

Shares of HNVR opened at $26.41 on Tuesday. The business has a 50-day simple moving average of $24.01 and a two-hundred day simple moving average of $22.95. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30. Hanover Bancorp, Inc. has a 52 week low of $19.91 and a 52 week high of $27.08. The stock has a market cap of $189.02 million, a price-to-earnings ratio of 20.80 and a beta of 0.11.

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

Hanover Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.5%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 31.50%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, July 1st. Wall Street Zen cut shares of Hanover Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday. Zacks Research upgraded Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Finally, Piper Sandler raised their price target on Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Hanover Bancorp presently has an average rating of “Hold” and an average target price of $26.25.

Institutional Investors Weigh In On Hanover Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its stake in shares of Hanover Bancorp by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after purchasing an additional 554 shares during the last quarter. Barclays PLC increased its position in shares of Hanover Bancorp by 19.9% during the 4th quarter. Barclays PLC now owns 10,669 shares of the company’s stock valued at $247,000 after purchasing an additional 1,769 shares during the last quarter. Fourthstone LLC increased its position in shares of Hanover Bancorp by 22.6% during the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after purchasing an additional 95,194 shares during the last quarter. GM Advisory Group LLC purchased a new stake in Hanover Bancorp during the 4th quarter valued at $430,000. Finally, Wells Fargo & Company MN raised its holdings in Hanover Bancorp by 59.9% during the 4th quarter. Wells Fargo & Company MN now owns 5,531 shares of the company’s stock valued at $128,000 after buying an additional 2,072 shares during the period. 15.02% of the stock is currently owned by hedge funds and other institutional investors.

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.