Hanover Bancorp, Inc. (NASDAQ:HNVR) Plans $0.10 Quarterly Dividend

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) announced a quarterly dividend on Wednesday, July 23rd, Wall Street Journal reports. Shareholders of record on Wednesday, August 6th will be given a dividend of 0.10 per share on Wednesday, August 13th. This represents a $0.40 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date is Wednesday, August 6th.

Hanover Bancorp has a dividend payout ratio of 13.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Hanover Bancorp to earn $2.91 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 13.7%.

Hanover Bancorp Stock Up 0.1%

HNVR traded up $0.02 on Monday, reaching $21.80. The company's stock had a trading volume of 9,950 shares, compared to its average volume of 11,535. The business's 50 day moving average is $22.26 and its 200 day moving average is $22.85. Hanover Bancorp has a 1 year low of $16.57 and a 1 year high of $27.14. The stock has a market cap of $157.61 million, a price-to-earnings ratio of 11.46 and a beta of 0.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.03.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.24). The business had revenue of $18.36 million during the quarter, compared to analyst estimates of $19.30 million. Hanover Bancorp had a net margin of 7.73% and a return on equity of 7.44%. As a group, research analysts forecast that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Insider Activity at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of Hanover Bancorp stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.42, for a total transaction of $117,100.00. Following the transaction, the director owned 205,418 shares in the company, valued at approximately $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 accessible through the SEC website. Company insiders own 23.88% of the company's stock.

Institutional Investors Weigh In On Hanover Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC increased its position 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 worth $205,000 after acquiring an additional 7,039 shares in the last quarter. Jane Street Group LLC boosted 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 during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Hanover Bancorp by 24.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock valued at $486,000 after acquiring an additional 4,356 shares during the last quarter. 15.02% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on HNVR shares. Piper Sandler cut their price objective on Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating for the company in a report on Thursday. Wall Street Zen cut shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

Hanover Bancorp Company 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.