Wall Street Zen Downgrades Hanover Bancorp (NASDAQ:HNVR) to Hold

Wall Street Zen downgraded shares of Hanover Bancorp (NASDAQ:HNVR) from a buy rating to a hold rating in a research report report published on Thursday.

Hanover Bancorp Stock Down 0.6%

Shares of NASDAQ:HNVR opened at $23.01 on Thursday. The stock has a market capitalization of $166.34 million, a price-to-earnings ratio of 13.86 and a beta of 0.09. Hanover Bancorp has a 1-year low of $15.92 and a 1-year high of $27.14. The company’s fifty day moving average is $21.96 and its two-hundred day moving average is $23.19. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. The business had revenue of $18.36 million for the quarter, compared to analysts’ expectations of $18.80 million. Equities analysts anticipate that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 14th. Investors of record on Wednesday, May 7th were issued a $0.10 dividend. The ex-dividend date was Wednesday, May 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.74%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 30.53%.

Insider Buying and Selling

In related news, Director Robert Golden sold 5,000 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $23.42, for a total value of $117,100.00. Following the sale, the director now owns 205,418 shares of the company’s stock, valued at $4,810,889.56. This trade represents a 2.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 24.76% of the company’s stock.

Institutional Trading of Hanover Bancorp

A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC increased its holdings in shares of Hanover Bancorp by 298.4% in the 1st quarter. Acadian Asset Management LLC now owns 9,398 shares of the company’s stock worth $205,000 after acquiring an additional 7,039 shares during the period. Jane Street Group LLC increased its holdings 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 worth $467,000 after acquiring an additional 10,511 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Hanover Bancorp by 24.5% in 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 during the period. American Century Companies Inc. bought a new position in Hanover Bancorp in the 1st quarter valued at about $214,000. Finally, Millennium Management LLC bought a new position in Hanover Bancorp in the 4th quarter valued at about $373,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

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.