Susquehanna International Group LLP Invests $3.03 Million in Hanover Bancorp, Inc. $HNVR

Susquehanna International Group LLP purchased a new position in shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 129,751 shares of the company’s stock, valued at approximately $3,026,000. Susquehanna International Group LLP owned approximately 1.84% of Hanover Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Corient Private Wealth LP acquired a new stake in Hanover Bancorp during the 2nd quarter valued at $985,000. Algert Global LLC bought a new stake in shares of Hanover Bancorp during the 2nd quarter valued at $232,000. BlackRock Inc. acquired a new stake in Hanover Bancorp during the second quarter worth about $6,620,000. Deutsche Bank AG bought a new position in Hanover Bancorp in the second quarter valued at approximately $101,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Hanover Bancorp during the 2nd quarter worth $258,000. Institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Price Performance

HNVR opened at $26.81 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17. Hanover Bancorp, Inc. has a 52 week low of $19.91 and a 52 week high of $27.89. The business’s fifty day simple moving average is $25.42 and its 200 day simple moving average is $23.43. The stock has a market cap of $189.28 million, a PE ratio of 21.11 and a beta of 0.09.

Hanover Bancorp (NASDAQ:HNVR) last posted its earnings results on Thursday, July 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%.The firm had revenue of $19.57 million for the quarter, compared to analysts’ expectations of $19.83 million. As a group, research analysts expect that Hanover Bancorp, Inc. will post 2.4 earnings per share for the current fiscal year.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.5%. Hanover Bancorp’s dividend payout ratio is presently 31.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on HNVR. Raymond James Financial initiated coverage on Hanover Bancorp in a research note on Wednesday. They set a “market perform” rating on the stock. Piper Sandler increased their price target on Hanover Bancorp from $26.50 to $28.50 and gave the stock an “overweight” rating in a report on Monday, July 27th. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings raised Hanover Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen lowered shares of Hanover Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, August 2nd. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Hanover Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

Insider Activity at Hanover Bancorp

In other Hanover Bancorp news, President Kevin M. O’connor acquired 10,000 shares of Hanover Bancorp stock in a transaction that occurred on Thursday, July 30th. The stock was bought at an average cost of $26.88 per share, for a total transaction of $268,800.00. Following the acquisition, the president 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. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 24.38% 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.