Robert Golden Sells 2,259 Shares of Hanover Bancorp (NASDAQ:HNVR) Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 2,259 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total value of $51,482.61. Following the completion of the transaction, the director owned 34,009 shares of the company’s stock, valued at $775,065.11. This represents a 6.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

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 value of $23,286.12.

Hanover Bancorp Price Performance

Shares of HNVR opened at $23.39 on Friday. Hanover Bancorp, Inc. has a 1 year low of $19.91 and a 1 year high of $24.49. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $167.47 million, a price-to-earnings ratio of 22.28 and a beta of 0.12. The business has a 50-day moving average of $22.20 and a 200-day moving average of $22.52.

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

Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 18th. Stockholders of record on Monday, May 11th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, May 11th. Hanover Bancorp’s dividend payout ratio (DPR) is 38.10%.

Institutional Investors Weigh In On Hanover Bancorp

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its stake in Hanover Bancorp by 219.9% in 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 during the period. Bank of America Corp DE grew its stake in Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after acquiring an additional 1,423 shares during the period. Strs Ohio acquired a new stake in Hanover Bancorp in the third quarter valued at approximately $36,000. JPMorgan Chase & Co. acquired a new stake in Hanover Bancorp in the second quarter valued at approximately $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Hanover Bancorp in the second quarter valued at approximately $59,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on HNVR. Piper Sandler lowered their price objective on Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research report on Friday, January 30th. Zacks Research downgraded Hanover Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.33.

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.