Hanover Bancorp (NASDAQ:HNVR) Shares Down 1.2% – Here’s Why

Hanover Bancorp, Inc. (NASDAQ:HNVR) was down 1.2% on Wednesday . The stock traded as low as $23.12 and last traded at $23.15. Approximately 11,149 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 17,618 shares. The stock had previously closed at $23.42.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Hanover Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd.

Hanover Bancorp Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a market capitalization of $167.37 million, a price-to-earnings ratio of 17.67 and a beta of 0.07. The business’s 50 day simple moving average is $22.49 and its 200-day simple moving average is $22.93.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. Hanover Bancorp had a return on equity of 6.64% and a net margin of 6.58%. The business had revenue of $18.36 million during the quarter, compared to the consensus estimate of $18.80 million. Research analysts anticipate that Hanover Bancorp, Inc. will post 2.38 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders of record on Wednesday, May 7th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, May 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.73%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 30.53%.

Insider Activity at Hanover Bancorp

In related news, Director Robert Golden sold 5,000 shares of Hanover Bancorp stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $23.42, for a total transaction of $117,100.00. Following the sale, the director directly owned 205,418 shares in the company, valued at $4,810,889.56. The trade was a 2.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its position in shares of Hanover Bancorp by 24.5% during 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 in the last quarter. Acadian Asset Management LLC increased its stake in shares of Hanover Bancorp by 298.4% during the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company’s stock valued at $205,000 after acquiring an additional 7,039 shares during the period. Jane Street Group LLC raised its holdings in Hanover Bancorp by 97.5% during the first quarter. Jane Street Group LLC now owns 21,292 shares of the company’s stock worth $467,000 after purchasing an additional 10,511 shares in the last quarter. American Century Companies Inc. acquired a new stake in Hanover Bancorp in the first quarter worth approximately $214,000. Finally, Millennium Management LLC acquired a new stake in Hanover Bancorp in the fourth quarter worth approximately $373,000. Institutional investors own 15.02% of the company’s stock.

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.