Northern Trust Corp Purchases New Holdings in Hanover Bancorp, Inc. (NASDAQ:HNVR)

Northern Trust Corp purchased a new position in Hanover Bancorp, Inc. (NASDAQ:HNVR - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,129 shares of the company's stock, valued at approximately $418,000. Northern Trust Corp owned 0.25% of Hanover Bancorp at the end of the most recent reporting period.

Separately, Russell Investments Group Ltd. purchased a new stake in Hanover Bancorp in the 4th quarter worth $29,000. Hedge funds and other institutional investors own 15.02% of the company's stock.

Hanover Bancorp Price Performance

NASDAQ:HNVR traded down $0.26 during trading hours on Wednesday, reaching $22.00. The stock had a trading volume of 14,449 shares, compared to its average volume of 14,614. The stock has a market capitalization of $159.04 million, a PE ratio of 13.25 and a beta of 0.09. Hanover Bancorp, Inc. has a 52 week low of $15.92 and a 52 week high of $27.14. The company has a 50 day moving average price of $21.97 and a two-hundred day moving average price of $23.31. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04. The company had revenue of $18.36 million for the quarter, compared to analysts' expectations of $18.80 million. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. As a group, sell-side analysts anticipate that Hanover Bancorp, Inc. will post 2.38 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Stockholders of record on Wednesday, May 7th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, May 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.82%. Hanover Bancorp's dividend payout ratio (DPR) is presently 30.53%.

Analyst Ratings Changes

Separately, Wall Street Zen lowered Hanover Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

Insider Activity

In other news, Director Robert Golden sold 5,000 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $23.42, for a total transaction of $117,100.00. Following the transaction, the director now owns 205,418 shares of the company's stock, valued at approximately $4,810,889.56. The trade was a 2.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 24.76% of the company's stock.

Hanover Bancorp Profile

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.