Susquehanna International Group LLP Takes Position in Hanover Bancorp, Inc. $HNVR

Susquehanna International Group LLP bought a new position in Hanover Bancorp, Inc. (NASDAQ:HNVR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 129,751 shares of the company’s stock, valued at approximately $3,026,000.

Several other institutional investors have also bought and sold shares of the business. BlackRock Inc. bought a new position in Hanover Bancorp during the second quarter valued at $6,620,000. Fourthstone LLC increased its holdings in Hanover Bancorp by 22.6% during the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after purchasing an additional 95,194 shares during the period. Geode Capital Management LLC increased its stake in shares of Hanover Bancorp by 117.7% during the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after buying an additional 57,166 shares during the period. Corient Private Wealth LP bought a new stake in shares of Hanover Bancorp in the 2nd quarter valued at about $985,000. Finally, Corient Private Wealth LLC bought a new position in Hanover Bancorp in the second quarter worth approximately $572,000. Institutional investors own 15.02% of the company’s stock.

Insider Transactions at Hanover Bancorp

In related news, President Kevin M. O’connor purchased 10,000 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were bought at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the completion of the purchase, the president directly owned 12,300 shares of the company’s stock, valued at approximately $330,624. This trade represents a 434.78% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 24.38% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

HNVR has been the subject of a number of analyst reports. Raymond James Financial initiated coverage on shares of Hanover Bancorp in a research report on Wednesday. They set a “market perform” rating for the company. Zacks Research upgraded Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings raised Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Piper Sandler lifted their target price on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a report on Monday, July 27th. Finally, Wall Street Zen downgraded Hanover Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $28.50.

Hanover Bancorp Price Performance

Hanover Bancorp stock opened at $26.81 on Monday. The company’s 50 day simple moving average is $25.42 and its 200-day simple moving average is $23.43. Hanover Bancorp, Inc. has a 1 year low of $19.91 and a 1 year high of $27.89. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $189.28 million, a price-to-earnings ratio of 21.11 and a beta of 0.09.

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%.The company had revenue of $19.57 million during the quarter, compared to analysts’ expectations of $19.83 million. As a group, equities research analysts expect that Hanover Bancorp, Inc. will post 2.4 earnings per share for the current year.

Hanover Bancorp Announces Dividend

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

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.