Hanover Bancorp (NASDAQ:HNVR) Director Robert Golden Sells 1,295 Shares

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 1,295 shares of the company’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the transaction, the director owned 31,702 shares in the company, valued at $745,948.06. The trade was a 3.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Wednesday, May 20th, Robert Golden sold 1,012 shares of Hanover Bancorp stock. The shares were sold at an average price of $23.01, for a total transaction of $23,286.12.
• 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

Shares of NASDAQ:HNVR opened at $23.26 on Friday. The company has a market capitalization of $166.54 million, a price-to-earnings ratio of 22.15 and a beta of 0.12. Hanover Bancorp, Inc. has a 12 month low of $19.91 and a 12 month high of $24.49. The firm’s 50-day moving average is $22.47 and its 200 day moving average is $22.58. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.30.

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

Hanover Bancorp Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Hanover Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in Hanover Bancorp by 23.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $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% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company’s stock worth $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% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $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% in the 3rd quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock worth $55,000 after acquiring an additional 1,002 shares in the last quarter. Finally, Strs Ohio bought a new position in Hanover Bancorp in the 3rd quarter worth about $36,000. 15.02% of the stock is currently 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.