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

Hanover Bancorp, Inc. (NASDAQ:HNVR)’s stock price dropped 0.8% during mid-day trading on Tuesday . The company traded as low as $21.93 and last traded at $22.64. Approximately 9,125 shares were traded during 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 cut shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th.

Hanover Bancorp Stock Performance

The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The stock has a market cap of $161.94 million, a price-to-earnings ratio of 13.64 and a beta of 0.02. The firm’s 50-day moving average is $24.30 and its two-hundred day moving average is $22.14.

Hanover Bancorp (NASDAQ:HNVR) last released its earnings results on Wednesday, January 29th. The company reported $0.52 earnings per share for the quarter, beating 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, sell-side analysts expect that Hanover Bancorp, Inc. will post 2.38 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Wednesday, February 12th were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, February 12th. This represents a $0.40 annualized dividend and a yield of 1.77%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 24.10%.

Insider Activity

In related news, Director Robert Golden sold 2,272 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $26.68, for a total transaction of $60,616.96. Following the transaction, the director now directly owns 30,420 shares in the company, valued at approximately $811,605.60. The trade was a 6.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold 7,533 shares of company stock worth $200,537 over the last three months. Insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of HNVR. Russell Investments Group Ltd. acquired a new stake in shares of Hanover Bancorp in the fourth quarter valued at approximately $29,000. Geode Capital Management LLC increased its stake in shares of Hanover Bancorp by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 44,843 shares of the company’s stock worth $1,034,000 after acquiring an additional 1,331 shares during the last quarter. Citadel Advisors LLC purchased a new position in shares of Hanover Bancorp during the 4th quarter worth $209,000. Jane Street Group LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter valued at about $249,000. Finally, 683 Capital Management LLC purchased a new stake in shares of Hanover Bancorp in the fourth quarter valued at about $335,000. 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.