Hanover Bancorp (NASDAQ:HNVR) Shares Up 2.5% - Still a Buy?

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report)'s share price was up 2.5% on Tuesday . The stock traded as high as $23.12 and last traded at $23.06. Approximately 6,202 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 9,836 shares. The stock had previously closed at $22.50.

Analyst Ratings Changes

Several brokerages recently commented on HNVR. Piper Sandler upped their price target on shares of Hanover Bancorp from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Stephens lowered shares of Hanover Bancorp from an "overweight" rating to an "equal weight" rating in a research note on Monday, December 9th.

Hanover Bancorp Trading Up 2.5 %

The company has a 50 day moving average of $22.69 and a 200 day moving average of $19.37. The firm has a market cap of $164.88 million, a P/E ratio of 13.98 and a beta of -0.09. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.40 annualized dividend and a yield of 1.73%. Hanover Bancorp's dividend payout ratio (DPR) is presently 24.24%.

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 2,500 shares of the company's stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $25.50, for a total transaction of $63,750.00. Following the completion of the transaction, the director now directly owns 28,345 shares in the company, valued at $722,797.50. The trade was a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hanover Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of HNVR. Renaissance Technologies LLC acquired a new stake in Hanover Bancorp in the 2nd quarter worth $170,000. Geode Capital Management LLC grew its position in Hanover Bancorp by 46.5% during the third quarter. Geode Capital Management LLC now owns 43,512 shares of the company's stock worth $779,000 after buying an additional 13,803 shares in the last quarter. Finally, Fourthstone LLC bought a new position in Hanover Bancorp during the third quarter valued at about $877,000. Institutional investors own 15.02% of the company's stock.

About Hanover Bancorp

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.