Insider Selling: Hanover Bancorp (NASDAQ:HNVR) Director Sells $30,471.35 in Stock

Hanover Bancorp, Inc. (NASDAQ:HNVR) Director Robert Golden sold 1,295 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the sale, the director directly owned 31,702 shares of the company’s stock, valued at approximately $745,948.06. The trade was a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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 HNVR stock opened at $23.26 on Monday. Hanover Bancorp, Inc. has a 1 year low of $19.91 and a 1 year high of $24.49. The firm has a fifty day moving average price of $22.47 and a 200-day moving average price of $22.58. 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 cap of $166.54 million, a price-to-earnings ratio of 22.15 and a beta of 0.11.

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, beating analysts’ consensus estimates of $0.53 by $0.01. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%. The firm had revenue of $19.11 million during the quarter, compared to the consensus estimate of $19.50 million.

Hanover Bancorp Dividend Announcement

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

Analyst Ratings Changes

Separately, Weiss Ratings cut shares of Hanover Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday. One equities research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $24.33.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP lifted its stake in shares of Hanover Bancorp by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after buying an additional 554 shares in the last quarter. Barclays PLC lifted its stake in shares of Hanover Bancorp by 19.9% during the 4th quarter. Barclays PLC now owns 10,669 shares of the company’s stock valued at $247,000 after buying an additional 1,769 shares in the last quarter. Fourthstone LLC lifted its stake in shares of Hanover Bancorp by 22.6% during the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after buying an additional 95,194 shares in the last quarter. GM Advisory Group LLC purchased a new position in shares of Hanover Bancorp during the 4th quarter valued at $430,000. Finally, Wells Fargo & Company MN lifted its stake in Hanover Bancorp by 59.9% in the 4th quarter. Wells Fargo & Company MN now owns 5,531 shares of the company’s stock worth $128,000 after purchasing an additional 2,072 shares in the last quarter. Hedge funds and other institutional investors own 15.02% of the company’s stock.

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.