Hanover Bancorp, Inc. (NASDAQ:HNVR – Get Free Report)’s share price was up 0.8% during mid-day trading on Monday . The stock traded as high as $27.62 and last traded at $27.27. Approximately 45,111 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 59,742 shares. The stock had previously closed at $27.06.
Analyst Ratings Changes
Several brokerages recently commented on HNVR. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings upgraded shares of Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Piper Sandler raised their price objective on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a report on Monday, July 27th. Finally, Wall Street Zen cut Hanover Bancorp from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, Hanover Bancorp has an average rating of “Moderate Buy” and an average price target of $28.50.
View Our Latest Analysis on HNVR
Hanover Bancorp Price Performance
Hanover Bancorp (NASDAQ:HNVR – Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.00%. The business had revenue of $19.57 million for the quarter, compared to analysts’ expectations of $19.83 million. On average, equities research analysts expect that Hanover Bancorp, Inc. will post 2.4 EPS for the current fiscal year.
Hanover Bancorp Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Thursday, August 6th. Hanover Bancorp’s dividend payout ratio (DPR) is presently 31.50%.
Insiders Place Their Bets
In other news, 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 value of $30,471.35. Following the completion of the sale, the director directly owned 31,702 shares of the company’s stock, valued at approximately $745,948.06. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Kevin M. O’connor bought 10,000 shares of Hanover Bancorp stock in a transaction dated Thursday, July 30th. The stock was acquired at an average cost of $26.88 per share, with a total value of $268,800.00. Following the completion of the acquisition, the president directly owned 12,300 shares of the company’s stock, valued at approximately $330,624. The trade was a 434.78% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 24.38% of the company’s stock.
Institutional Trading of Hanover Bancorp
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Hanover Bancorp in the second quarter valued at approximately $6,620,000. Bank of New York Mellon Corp acquired a new stake in shares of Hanover Bancorp during the second quarter worth $258,000. Bank of America Corp DE grew its position 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 valued at $55,000 after buying an additional 1,002 shares during the last quarter. BNP Paribas Financial Markets grew its position in Hanover Bancorp by 219.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after buying an additional 886 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Hanover Bancorp in the 2nd quarter valued at $59,000. 15.02% of the stock is owned by institutional investors and hedge funds.
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.
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