Hanover Bancorp, Inc. (HNVR) to Issue Quarterly Dividend of $0.10 on August 13th

Hanover Bancorp, Inc. (NASDAQ:HNVR) declared a quarterly dividend on Thursday, July 23rd. Stockholders of record on Thursday, August 6th will be given a dividend of 0.10 per share on Thursday, August 13th. This represents a c) annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Thursday, August 6th.

Hanover Bancorp has a dividend payout ratio of 13.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Hanover Bancorp to earn $2.90 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 13.8%.

Hanover Bancorp Trading Up 0.6%

Shares of NASDAQ:HNVR opened at $26.41 on Tuesday. The firm has a market cap of $189.02 million, a price-to-earnings ratio of 20.80 and a beta of 0.11. Hanover Bancorp has a 12 month low of $19.91 and a 12 month high of $27.08. The company’s fifty day simple moving average is $24.01 and its 200 day simple moving average is $22.95. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30.

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.01%. The firm had revenue of $19.57 million during the quarter, compared to analyst estimates of $19.83 million. As a group, research analysts forecast that Hanover Bancorp will post 2.4 EPS for the current fiscal year.

Insider Activity at Hanover Bancorp

In related news, Director Robert Golden sold 2,259 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total value of $51,482.61. Following the completion of the sale, the director directly owned 34,009 shares in the company, valued at approximately $775,065.11. The trade was a 6.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, President Kevin M. O’connor purchased 10,000 shares of Hanover Bancorp stock in a transaction that occurred on Thursday, July 30th. The shares were bought at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the transaction, the president directly owned 12,300 shares of the company’s stock, valued at $330,624. This represents a 434.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 4,566 shares of company stock worth $105,240 over the last ninety days. Insiders own 24.38% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HNVR. Fourthstone LLC raised its stake in Hanover Bancorp by 22.6% in the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock valued at $11,941,000 after purchasing an additional 95,194 shares in the last quarter. Geode Capital Management LLC increased its holdings in Hanover Bancorp by 117.7% in the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after buying an additional 57,166 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Hanover Bancorp by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 31,643 shares of the company’s stock valued at $683,000 after buying an additional 554 shares in the last quarter. Corient Private Wealth LLC bought a new stake in shares of Hanover Bancorp during the 2nd quarter worth approximately $572,000. Finally, Goldman Sachs Group Inc. boosted its position in shares of Hanover Bancorp by 24.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock worth $486,000 after acquiring an additional 4,356 shares in the last quarter. 15.02% of the stock is owned by institutional investors and hedge funds.

About Hanover Bancorp

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.