Hanover Bancorp (NASDAQ:HNVR) Shares Up 2.5% – Here’s What Happened

Hanover Bancorp, Inc. (NASDAQ:HNVR)’s stock price rose 2.5% during mid-day trading on Tuesday . The company traded as high as $23.12 and last traded at $23.06. Approximately 6,202 shares changed hands during trading, a decline of 37% from the average daily volume of 9,836 shares. The stock had previously closed at $22.50.

Wall Street Analysts Forecast Growth

HNVR has been the subject of a number of recent analyst reports. Piper Sandler upped their price target on shares of Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Stephens cut Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th.

Hanover Bancorp Stock Down 2.6 %

The company has a fifty day simple moving average of $22.76 and a 200-day simple moving average of $19.40. The firm has a market cap of $160.52 million, a P/E ratio of 13.61 and a beta of -0.09. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.13.

Hanover Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date of this dividend was Wednesday, November 6th. Hanover Bancorp’s dividend payout ratio (DPR) is currently 24.24%.

Insiders Place Their Bets

In related news, Director Robert Golden sold 2,500 shares of Hanover Bancorp stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total value of $63,750.00. Following the completion of the sale, the director now directly owns 28,345 shares in the company, valued at $722,797.50. This trade represents a 8.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 24.76% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hanover Bancorp

Institutional investors have recently made changes to their positions in the company. Fourthstone LLC acquired a new position in shares of Hanover Bancorp during the 3rd quarter valued at about $877,000. Geode Capital Management LLC lifted its holdings in shares of Hanover Bancorp by 46.5% in the 3rd quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock worth $779,000 after acquiring an additional 13,803 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Hanover Bancorp during the second quarter worth $170,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

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.