Hanover Bancorp, Inc. to Issue Quarterly Dividend of $0.10 (NASDAQ:HNVR)

Hanover Bancorp, Inc. (NASDAQ:HNVR) announced a quarterly dividend on Thursday, July 23rd. Investors of record on Thursday, August 6th will be given a dividend of 0.10 per share on Thursday, August 13th. This represents a c) dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Thursday, August 6th.

Hanover Bancorp has a payout ratio of 13.0% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

Hanover Bancorp stock opened at $24.79 on Friday. Hanover Bancorp has a 12-month low of $19.91 and a 12-month high of $25.61. The company has a market capitalization of $177.50 million, a price-to-earnings ratio of 23.61 and a beta of 0.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s fifty day moving average price is $23.57 and its 200 day moving average price is $22.78.

Hanover Bancorp (NASDAQ:HNVR) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The firm had revenue of $19.57 million for the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%. On average, research analysts forecast that Hanover Bancorp will post 2.41 EPS for the current fiscal year.

Insider Transactions at Hanover Bancorp

In other Hanover Bancorp news, Director Robert Golden sold 1,295 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the transaction, the director directly owned 31,702 shares in the company, valued at $745,948.06. This represents a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 4,566 shares of company stock valued at $105,240 over the last 90 days. Corporate insiders own 24.38% 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 the stock. Fourthstone LLC raised its stake in shares of Hanover Bancorp by 22.6% in the 4th 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 lifted its position in shares of Hanover Bancorp by 117.7% during the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock worth $2,294,000 after purchasing an additional 57,166 shares during the last quarter. Corient Private Wealth LLC acquired a new position in Hanover Bancorp in the second quarter worth about $572,000. GM Advisory Group LLC acquired a new position in Hanover Bancorp in the fourth quarter worth about $430,000. Finally, Citadel Advisors LLC bought a new stake in Hanover Bancorp in the third quarter valued at about $290,000. Institutional investors own 15.02% of the company’s stock.

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.