Key Points
- Hanover Bancorp President Kevin O’Connor bought 10,000 shares at an average price of $26.88, investing $268,800 and increasing his direct ownership by 434.78% to 12,300 shares.
- The company’s latest quarterly results beat expectations, with earnings of $0.58 per share versus the $0.56 consensus estimate, though revenue of $19.57 million fell slightly short of forecasts.
- Hanover Bancorp declared a quarterly dividend of $0.10 per share, equivalent to $0.40 annually and a 1.5% yield; analysts maintain a consensus “Hold” rating with an average price target of $26.25.
Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) President Kevin O'connor bought 10,000 shares of the stock in a transaction dated Thursday, July 30th. The stock was purchased at an average price of $26.88 per share, with a total value of $268,800.00. Following the acquisition, the president directly owned 12,300 shares in the company, valued at approximately $330,624. The trade was a 434.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Hanover Bancorp Price Performance
HNVR stock opened at $26.41 on Tuesday. The stock has a market cap of $189.02 million, a PE ratio of 20.80 and a beta of 0.11. Hanover Bancorp, Inc. has a 12 month low of $19.91 and a 12 month high of $27.08. The company has a 50-day moving average price of $24.01 and a 200 day moving average price of $22.95. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.30.
Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. The company had revenue of $19.57 million for the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.01%. Equities research analysts anticipate that Hanover Bancorp, Inc. will post 2.4 earnings per share for the current year.
Hanover Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. Hanover Bancorp's dividend payout ratio is currently 31.50%.
Institutional Trading of Hanover Bancorp
Large investors have recently modified their holdings of the company. Fourthstone LLC grew its stake in Hanover Bancorp by 22.6% in the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company's stock worth $11,941,000 after purchasing an additional 95,194 shares in the last quarter. Geode Capital Management LLC raised its position in Hanover Bancorp by 117.7% during the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company's stock valued at $2,294,000 after purchasing an additional 57,166 shares in the last quarter. Dimensional Fund Advisors LP raised its position in 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 purchasing an additional 554 shares in the last quarter. Corient Private Wealth LLC purchased a new stake in shares of Hanover Bancorp in the 2nd quarter worth $572,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Hanover Bancorp by 24.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock worth $486,000 after buying an additional 4,356 shares during the period. Hedge funds and other institutional investors own 15.02% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on HNVR. Wall Street Zen lowered Hanover Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday. Piper Sandler increased their target price on Hanover Bancorp from $26.50 to $28.50 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Zacks Research upgraded Hanover Bancorp to a "hold" rating in a research report on Monday, July 13th. Finally, Weiss Ratings raised shares of Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $26.25.
Read Our Latest Report on HNVR
Hanover Bancorp Company Profile
(
Get Free Report)
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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