Insider Buying: Hanover Bancorp (NASDAQ:HNVR) President Purchases $268,800.00 in Stock

Key Points

• Hanover Bancorp President Kevin O'Connor purchased 10,000 shares at an average price of $26.88, investing $268,800 and increasing his ownership by 434.78% to 12,300 shares.
• HNVR shares recently traded at $26.41, near their 52-week high of $27.08. The company reported quarterly EPS of $0.58, exceeding estimates by $0.02, while revenue of $19.57 million fell slightly short of expectations.
• Hanover Bancorp declared a quarterly dividend of $0.10 per share, equal to an annualized $0.40 payout and a 1.5% yield. Analysts maintain a consensus “Hold” rating with a $26.25 target price.

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) President Kevin O'connor purchased 10,000 shares of the business's stock in a transaction on Thursday, July 30th. The stock was purchased at an average cost of $26.88 per share, with a total value of $268,800.00. Following the acquisition, the president owned 12,300 shares in the company, valued at approximately $330,624. This represents a 434.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Hanover Bancorp Stock Performance

Shares of NASDAQ:HNVR traded up $0.16 during trading on Monday, hitting $26.41. 67,217 shares of the stock were exchanged, compared to its average volume of 33,661. Hanover Bancorp, Inc. has a 1-year low of $19.91 and a 1-year high of $27.08. The company has a market capitalization of $189.10 million, a price-to-earnings ratio of 20.80 and a beta of 0.09. The company's fifty day simple moving average is $23.95 and its 200-day simple moving average is $22.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The business had revenue of $19.57 million for the quarter, compared to analysts' expectations of $19.83 million. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%. Sell-side analysts expect that Hanover Bancorp, Inc. will post 2.4 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 1.5%. Hanover Bancorp's payout ratio is currently 31.50%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on HNVR shares. Weiss Ratings upgraded shares of Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, July 1st. Zacks Research upgraded shares of Hanover Bancorp to a "hold" rating in a research report on Monday, July 13th. Wall Street Zen cut shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, Piper Sandler increased their price target on shares of Hanover Bancorp from $26.50 to $28.50 and gave the stock an "overweight" rating in a research report on Monday, July 27th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $26.25.

Institutional Investors Weigh In On Hanover Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its position in Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company's stock valued at $29,000 after buying an additional 886 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Hanover Bancorp by 3,744.7% during the second quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock worth $33,000 after buying an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Hanover Bancorp during the second quarter worth approximately $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Hanover Bancorp in the second quarter valued at approximately $59,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Hanover Bancorp in the third quarter valued at approximately $71,000. Institutional investors and hedge funds own 15.02% of the company's stock.

About Hanover Bancorp

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.

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