Hanover Bancorp, Inc. (NASDAQ:HNVR) Declares $0.10 Quarterly Dividend

Hanover Bancorp, Inc. (NASDAQ:HNVR) announced a quarterly dividend on Wednesday, January 29th,Wall Street Journal reports. Investors of record on Wednesday, February 12th will be given a dividend of 0.10 per share on Wednesday, February 19th. This represents a $0.40 annualized dividend and a yield of 1.55%. The ex-dividend date is Wednesday, February 12th.

Hanover Bancorp has a dividend payout ratio of 12.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Hanover Bancorp to earn $2.91 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 13.7%.

Hanover Bancorp Price Performance

HNVR stock opened at $25.76 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03. Hanover Bancorp has a 52-week low of $13.62 and a 52-week high of $27.14. The company has a market capitalization of $184.18 million, a P/E ratio of 15.52 and a beta of -0.02. The company has a fifty day moving average price of $24.43 and a 200-day moving average price of $20.91.

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Wednesday, January 29th. The company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.49 by $0.03. Hanover Bancorp had a return on equity of 6.71% and a net margin of 8.32%. As a group, equities analysts expect that Hanover Bancorp will post 2.38 EPS for the current year.

Insider Buying and Selling at Hanover Bancorp

In other news, Director Robert Golden sold 2,272 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $26.68, for a total value of $60,616.96. Following the completion of the sale, the director now owns 30,420 shares in the company, valued at $811,605.60. This represents a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders sold 10,033 shares of company stock worth $264,287. 24.76% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.