Hanover Bancorp (NASDAQ:HNVR) Trading Down 0.8% – Here’s Why

Shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) were down 0.8% during trading on Tuesday . The company traded as low as $21.93 and last traded at $22.64. Approximately 9,125 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 11,535 shares. The stock had previously closed at $22.82.

Wall Street Analysts Forecast Growth

Separately, Stephens lowered shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a report on Monday, December 9th.

Hanover Bancorp Price Performance

The business’s fifty day simple moving average is $24.32 and its 200 day simple moving average is $22.15. The stock has a market cap of $161.87 million, a price-to-earnings ratio of 13.63 and a beta of 0.02. 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 (NASDAQ:HNVR) last released its earnings results on Wednesday, January 29th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.03. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. Research analysts predict that Hanover Bancorp, Inc. will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Wednesday, February 12th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Wednesday, February 12th. Hanover Bancorp’s payout ratio is currently 24.10%.

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 2,761 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $26.61, for a total value of $73,470.21. Following the completion of the sale, the director now owns 2,239 shares of the company’s stock, valued at approximately $59,579.79. The trade was a 55.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 7,533 shares of company stock valued at $200,537. Insiders own 24.76% of the company’s stock.

Institutional Investors Weigh In On Hanover Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of HNVR. Russell Investments Group Ltd. bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $29,000. Citadel Advisors LLC bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $209,000. Jane Street Group LLC bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $249,000. 683 Capital Management LLC bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $335,000. Finally, Millennium Management LLC bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $373,000. Institutional investors 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.