Insider Selling: Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Sells 2,272 Shares of Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 2,272 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $26.68, for a total value of $60,616.96. Following the completion of the sale, the director now directly owns 30,420 shares in the company, valued at approximately $811,605.60. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Monday, February 3rd, Robert Golden sold 2,500 shares of Hanover Bancorp stock. The stock was sold at an average price of $26.58, for a total transaction of $66,450.00.
• On Tuesday, December 10th, Robert Golden sold 2,500 shares of Hanover Bancorp stock. The shares were sold at an average price of $25.50, for a total transaction of $63,750.00.

Hanover Bancorp Stock Down 1.3 %

Shares of NASDAQ:HNVR opened at $26.41 on Thursday. The stock has a 50-day simple moving average of $24.38 and a 200-day simple moving average of $20.77. The stock has a market capitalization of $188.91 million, a P/E ratio of 15.91 and a beta of -0.02. Hanover Bancorp, Inc. has a 1 year low of $13.62 and a 1 year high of $27.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.03. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. Equities analysts forecast that Hanover Bancorp, Inc. will post 2.38 earnings per share for the current year.

Hanover Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Investors of record on Wednesday, February 12th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, February 12th. This represents a $0.40 annualized dividend and a yield of 1.51%. Hanover Bancorp’s dividend payout ratio is currently 24.10%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on HNVR. Piper Sandler lifted their price target on shares of Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Stephens lowered Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 9th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of Hanover Bancorp by 46.5% in the third quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock worth $779,000 after buying an additional 13,803 shares during the period. Renaissance Technologies LLC acquired a new position in Hanover Bancorp during the 2nd quarter worth approximately $170,000. Finally, Fourthstone LLC purchased a new position in Hanover Bancorp in the 3rd quarter worth approximately $877,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

About Hanover Bancorp

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.