Hanover Bancorp, Inc. (NASDAQ:HNVR) to Issue Quarterly Dividend of $0.10

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) announced a quarterly dividend on Wednesday, April 17th, Wall Street Journal reports. Investors of record on Wednesday, May 8th will be given a dividend of 0.10 per share on Wednesday, May 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date is Tuesday, May 7th.

Hanover Bancorp Trading Up 5.6 %

NASDAQ:HNVR traded up $0.80 during trading hours on Thursday, hitting $15.05. The stock had a trading volume of 6,671 shares, compared to its average volume of 4,989. Hanover Bancorp has a one year low of $13.62 and a one year high of $18.91. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.08 and a current ratio of 1.08. The company has a market cap of $108.80 million, a price-to-earnings ratio of 8.18 and a beta of -0.14. The business's 50 day moving average is $15.80 and its 200-day moving average is $17.07.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last released its quarterly earnings results on Wednesday, January 24th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.20. The company had revenue of $15.91 million during the quarter, compared to analysts' expectations of $14.40 million. Hanover Bancorp had a net margin of 10.93% and a return on equity of 7.47%. Sell-side analysts anticipate that Hanover Bancorp will post 1.88 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on HNVR shares. Piper Sandler increased their target price on shares of Hanover Bancorp from $20.00 to $21.00 and gave the stock an "overweight" rating in a report on Thursday, January 25th. TheStreet upgraded shares of Hanover Bancorp from a "d+" rating to a "c-" rating in a research note on Wednesday, January 3rd.

Institutional Trading of Hanover Bancorp

Large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its stake in Hanover Bancorp by 15.7% in the third quarter. Alliancebernstein L.P. now owns 404,135 shares of the company's stock valued at $7,727,000 after acquiring an additional 54,857 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Hanover Bancorp by 56.2% in the third quarter. Vanguard Group Inc. now owns 250,286 shares of the company's stock valued at $4,528,000 after purchasing an additional 90,089 shares during the period. BlackRock Inc. raised its position in shares of Hanover Bancorp by 4.9% in the first quarter. BlackRock Inc. now owns 12,736 shares of the company's stock valued at $229,000 after purchasing an additional 592 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Hanover Bancorp in the fourth quarter valued at about $195,000. Finally, UBS Group AG raised its position in shares of Hanover Bancorp by 73.6% in the first quarter. UBS Group AG now owns 1,700 shares of the company's stock valued at $31,000 after purchasing an additional 721 shares during the period. Institutional investors and hedge funds own 15.02% of the company's stock.

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.