Hanover Bancorp (NASDAQ:HNVR) Trading Down 0.5% - Here's Why

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

Wall Street Analysts Forecast Growth

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

Hanover Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.02. The company has a market cap of $164.68 million, a PE ratio of 13.72 and a beta of 0.09. The company's 50 day simple moving average is $21.98 and its two-hundred day simple moving average is $23.26.

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

Hanover Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Stockholders of record on Wednesday, May 7th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend was Wednesday, May 7th. Hanover Bancorp's payout ratio is 30.53%.

Insider Activity at Hanover Bancorp

In related news, Director Robert Golden sold 5,000 shares of the firm's stock in a transaction that occurred on 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 of the company's stock, valued at $4,810,889.56. This trade represents a 2.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 23.88% of the stock is owned by corporate insiders.

Institutional Trading of Hanover Bancorp

Several hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new stake in Hanover Bancorp during the fourth quarter worth approximately $29,000. Acadian Asset Management LLC raised its holdings in 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 purchasing an additional 7,039 shares in the last quarter. Citadel Advisors LLC acquired a new stake in Hanover Bancorp during the fourth quarter worth approximately $209,000. American Century Companies Inc. acquired a new stake in Hanover Bancorp during the first quarter worth approximately $214,000. Finally, Jane Street Group LLC acquired a new stake in Hanover Bancorp during the fourth quarter worth approximately $249,000. 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.