Hanover Bancorp (NASDAQ:HNVR) Shares Down 0.5% - Here's What Happened

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) fell 0.5% during trading on Monday . The company traded as low as $22.52 and last traded at $22.90. 24,663 shares were traded during mid-day trading, an increase of 72% from the average session volume of 14,311 shares. The stock had previously closed at $23.01.

Analyst Ratings Changes

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

Hanover Bancorp Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03. The stock has a market cap of $166.12 million, a price-to-earnings ratio of 13.84 and a beta of 0.09. The business's fifty day simple moving average is $21.99 and its 200 day simple moving average is $23.30.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.04. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. The firm had revenue of $18.36 million for the quarter, compared to analyst estimates of $18.80 million. Research analysts predict that Hanover Bancorp, Inc. will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders 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 yield of 1.74%. Hanover Bancorp's dividend payout ratio is currently 30.53%.

Insiders Place Their Bets

In other news, Director Robert Golden sold 5,000 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $23.42, for a total value of $117,100.00. Following the sale, the director now owns 205,418 shares in the company, valued at approximately $4,810,889.56. This represents a 2.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 23.88% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hanover Bancorp

A number of institutional investors have recently modified their holdings of HNVR. Geode Capital Management LLC raised its stake in shares of Hanover Bancorp by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock valued at $1,034,000 after purchasing an additional 1,331 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Hanover Bancorp in the 4th quarter valued at about $29,000. Northern Trust Corp acquired a new stake in shares of Hanover Bancorp in the 4th quarter valued at about $418,000. Jane Street Group LLC acquired a new stake in shares of Hanover Bancorp in the 4th quarter valued at about $249,000. Finally, Rhino Investment Partners Inc acquired a new stake in shares of Hanover Bancorp in the 4th quarter valued at about $4,628,000. Institutional investors and hedge funds 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.