Insider Selling: Hanover Bancorp (NASDAQ:HNVR) Director Sells $23,286.12 in Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 1,012 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $23.01, for a total transaction of $23,286.12. Following the completion of the sale, the director directly owned 32,997 shares in the company, valued at approximately $759,260.97. This trade represents a 2.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Tuesday, May 19th, Robert Golden sold 2,259 shares of Hanover Bancorp stock. The shares were sold at an average price of $22.79, for a total transaction of $51,482.61.

Hanover Bancorp Stock Performance

NASDAQ HNVR opened at $23.39 on Friday. The company’s 50 day moving average is $22.20 and its 200-day moving average is $22.52. Hanover Bancorp, Inc. has a 12-month low of $19.91 and a 12-month high of $24.49. 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 firm has a market cap of $167.47 million, a P/E ratio of 22.28 and a beta of 0.12.

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

Hanover Bancorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on HNVR. Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. Zacks Research cut shares of Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Piper Sandler reduced their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research note on Friday, January 30th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $24.33.

Hedge Funds Weigh In On Hanover Bancorp

Several hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew 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 valued at $62,000 after acquiring an additional 529 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Hanover Bancorp by 1.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company’s stock valued at $719,000 after acquiring an additional 534 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Hanover Bancorp by 219.9% during the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after acquiring an additional 886 shares in the last quarter. Bank of America Corp DE grew its stake in Hanover Bancorp by 68.6% during the third quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock valued at $55,000 after acquiring an additional 1,002 shares in the last quarter. Finally, Strs Ohio purchased a new position in Hanover Bancorp during the third quarter valued at approximately $36,000. Hedge funds and other 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.