Insider Selling: Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Sells 2,500 Shares of Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $26.58, for a total value of $66,450.00. Following the transaction, the director now directly owns 27,920 shares in the company, valued at approximately $742,113.60. This trade represents a 8.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

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

• On Friday, January 31st, Robert Golden sold 2,272 shares of Hanover Bancorp stock. The shares were sold at an average price of $26.68, for a total value of $60,616.96.
• On Tuesday, December 10th, Robert Golden sold 2,500 shares of Hanover Bancorp stock. The stock was sold at an average price of $25.50, for a total value of $63,750.00.

Hanover Bancorp Stock Performance

Shares of Hanover Bancorp stock opened at $26.41 on Thursday. Hanover Bancorp, Inc. has a 52 week low of $13.62 and a 52 week high of $27.14. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $24.38 and a 200-day moving average price of $20.77. The company has a market cap of $188.91 million, a PE ratio of 15.91 and a beta of -0.02.

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

Hanover Bancorp Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have commented on HNVR. Piper Sandler boosted their price target on shares of Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Stephens downgraded shares of 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 and other institutional investors have recently added to or reduced their stakes in HNVR. Fourthstone LLC bought a new position in shares of Hanover Bancorp during the 3rd quarter worth approximately $877,000. Geode Capital Management LLC grew its holdings 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 valued at $779,000 after acquiring an additional 13,803 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Hanover Bancorp during the second quarter valued at approximately $170,000. 15.02% of the stock is currently 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.