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

Hanover Bancorp, Inc. (NASDAQ:HNVR)’s share 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 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.

Analyst Upgrades and Downgrades

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

Hanover Bancorp Price Performance

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

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Wednesday, January 29th. The company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates 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, analysts expect that Hanover Bancorp, Inc. will post 2.38 EPS for the current year.

Hanover Bancorp Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Robert Golden sold 2,761 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $26.61, for a total transaction of $73,470.21. Following the sale, the director now owns 2,239 shares of the company’s stock, valued at approximately $59,579.79. This represents a 55.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 7,533 shares of company stock worth $200,537 in the last ninety days. 24.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. purchased a new stake in Hanover Bancorp during the 4th quarter worth about $29,000. Citadel Advisors LLC acquired a new position in shares of Hanover Bancorp during the fourth quarter worth about $209,000. Jane Street Group LLC purchased a new stake in shares of Hanover Bancorp during the fourth quarter worth approximately $249,000. 683 Capital Management LLC acquired a new stake in Hanover Bancorp in the fourth quarter valued at approximately $335,000. Finally, Millennium Management LLC acquired a new stake in Hanover Bancorp in the fourth quarter valued at approximately $373,000. 15.02% of the stock is currently owned by hedge funds and other institutional investors.

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.