Hanover Bancorp (NASDAQ:HNVR) President Acquires $268,800.00 in Stock

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

Hanover Bancorp Trading Up 0.1%

Shares of HNVR opened at $27.15 on Thursday. Hanover Bancorp, Inc. has a 1-year low of $19.91 and a 1-year high of $27.42. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average price is $24.16 and its 200-day moving average price is $23.00. The firm has a market capitalization of $194.39 million, a price-to-earnings ratio of 21.38 and a beta of 0.09.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.01%. The company had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million. Sell-side analysts anticipate that Hanover Bancorp, Inc. will post 2.4 EPS for the current year.

Hanover Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.5%. Hanover Bancorp’s dividend payout ratio is currently 31.50%.

Hedge Funds Weigh In On Hanover Bancorp

Several large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets boosted its position 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 worth $29,000 after purchasing an additional 886 shares in the last quarter. Bank of America Corp DE increased its position in Hanover Bancorp by 3,744.7% during the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after buying an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. bought a new position in Hanover Bancorp during the 2nd quarter valued at approximately $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Hanover Bancorp during the second quarter valued at $59,000. Finally, Russell Investments Group Ltd. purchased a new position in Hanover Bancorp during the third quarter valued at $71,000. 15.02% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Hanover Bancorp Company Profile

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.