Hanover Bancorp (NASDAQ:HNVR) Director Robert Golden Sells 500 Shares of Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 500 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $23.50, for a total value of $11,750.00. Following the sale, the director owned 196,058 shares of the company’s stock, valued at $4,607,363. This trade represents a 0.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Friday, February 6th, Robert Golden sold 700 shares of Hanover Bancorp stock. The shares were sold at an average price of $23.60, for a total value of $16,520.00.

Hanover Bancorp Stock Down 0.4%

Shares of NASDAQ HNVR opened at $23.27 on Tuesday. The stock has a market capitalization of $167.31 million, a price-to-earnings ratio of 23.27 and a beta of 0.04. Hanover Bancorp, Inc. has a 52 week low of $18.31 and a 52 week high of $26.43. The firm has a 50-day moving average price of $23.38 and a 200 day moving average price of $22.44. 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 (NASDAQ:HNVR) last announced 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). Hanover Bancorp had a net margin of 5.22% and a return on equity of 5.18%. The firm had revenue of $18.60 million during the quarter, compared to analysts’ expectations of $18.85 million. Equities research analysts anticipate that Hanover Bancorp, Inc. will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders 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 annualized dividend and a yield of 1.7%. Hanover Bancorp’s payout ratio is 40.00%.

Analyst Upgrades and Downgrades

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

Institutional Trading of Hanover Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets increased its holdings in shares of Hanover Bancorp by 219.9% in the 3rd 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 during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in shares of Hanover Bancorp during the 2nd quarter valued at about $30,000. Bank of America Corp DE grew its stake in shares of Hanover Bancorp by 3,744.7% in the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after purchasing an additional 1,423 shares during the last quarter. Strs Ohio bought a new stake in shares of Hanover Bancorp in the 3rd quarter worth approximately $36,000. Finally, JPMorgan Chase & Co. acquired a new stake in Hanover Bancorp during the second quarter valued at approximately $51,000. 15.02% of the stock is owned by 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.