Los Angeles Capital Management LLC Buys Shares of 16,705 Hanover Bancorp, Inc. $HNVR

Los Angeles Capital Management LLC purchased a new position in shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 16,705 shares of the company’s stock, valued at approximately $382,000. Los Angeles Capital Management LLC owned 0.23% of Hanover Bancorp at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. American Century Companies Inc. acquired a new position in Hanover Bancorp in the first quarter valued at approximately $214,000. Goldman Sachs Group Inc. raised 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 valued at $486,000 after acquiring an additional 4,356 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Hanover Bancorp by 298.4% during the 1st quarter. Acadian Asset Management LLC now owns 9,398 shares of the company’s stock valued at $205,000 after acquiring an additional 7,039 shares during the last quarter. Finally, Jane Street Group LLC lifted its stake in shares of Hanover Bancorp by 97.5% in the 1st quarter. Jane Street Group LLC now owns 21,292 shares of the company’s stock valued at $467,000 after purchasing an additional 10,511 shares during the period. 15.02% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on HNVR. Hovde Group initiated coverage on Hanover Bancorp in a research note on Wednesday, August 13th. They set a “market perform” rating and a $24.00 price objective for the company. Piper Sandler decreased their target price on Hanover Bancorp from $27.00 to $25.00 and set an “overweight” rating for the company in a research report on Thursday, July 24th. Stephens lowered their price target on Hanover Bancorp from $23.50 to $22.50 and set an “equal weight” rating for the company in a research note on Tuesday, July 29th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Hanover Bancorp in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Hanover Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, September 22nd. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $23.83.

Insiders Place Their Bets

In other Hanover Bancorp news, Director Robert Golden sold 5,000 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.25, for a total transaction of $106,250.00. Following the completion of the transaction, the director owned 80,769 shares in the company, valued at approximately $1,716,341.25. This represents a 5.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 24.76% of the company’s stock.

Hanover Bancorp Price Performance

NASDAQ HNVR opened at $22.30 on Friday. The business has a 50 day simple moving average of $21.98 and a 200 day simple moving average of $22.15. Hanover Bancorp, Inc. has a 52-week low of $18.31 and a 52-week high of $27.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. The stock has a market cap of $160.34 million, a price-to-earnings ratio of 14.67 and a beta of 0.06.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings results on Thursday, September 4th. The company reported $0.33 earnings per share for the quarter. The firm had revenue of $18.36 million for the quarter. Hanover Bancorp had a net margin of 7.82% and a return on equity of 7.20%. Analysts anticipate that Hanover Bancorp, Inc. will post 2.38 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 13th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $0.40 dividend on an annualized basis and a yield of 1.8%. Hanover Bancorp’s dividend payout ratio is presently 26.32%.

Hanover Bancorp 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.