Citadel Advisors LLC Buys New Stake in Hanover Bancorp, Inc. (NASDAQ:HNVR)

Citadel Advisors LLC bought a new stake in shares of Hanover Bancorp, Inc. (NASDAQ:HNVR) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 9,053 shares of the company’s stock, valued at approximately $209,000. Citadel Advisors LLC owned approximately 0.13% of Hanover Bancorp at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in HNVR. Rhino Investment Partners Inc acquired a new position in shares of Hanover Bancorp during the 4th quarter valued at $4,628,000. Northern Trust Corp acquired a new position in shares of Hanover Bancorp during the 4th quarter valued at $418,000. 683 Capital Management LLC purchased a new stake in Hanover Bancorp during the 4th quarter worth $335,000. Jane Street Group LLC purchased a new stake in Hanover Bancorp during the 4th quarter worth $249,000. Finally, Geode Capital Management LLC increased its stake in Hanover Bancorp by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 44,843 shares of the company’s stock worth $1,034,000 after buying an additional 1,331 shares during the period. Institutional investors and hedge funds own 15.02% of the company’s stock.

Hanover Bancorp Stock Performance

Hanover Bancorp stock opened at $21.76 on Friday. Hanover Bancorp, Inc. has a 12-month low of $15.92 and a 12-month high of $27.14. The company has a market capitalization of $157.30 million, a price-to-earnings ratio of 13.11 and a beta of 0.07. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.02. The firm’s fifty day moving average price is $21.97 and its 200 day moving average price is $23.31.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.04. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. The firm had revenue of $18.36 million for the quarter, compared to the consensus estimate of $18.80 million. On average, research analysts forecast that Hanover Bancorp, Inc. will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Stockholders of record on Wednesday, May 7th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.84%. The ex-dividend date was Wednesday, May 7th. Hanover Bancorp’s payout ratio is currently 30.53%.

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of the business’s 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 completion of the sale, the director now owns 205,418 shares of the company’s stock, valued at approximately $4,810,889.56. The trade was a 2.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 24.76% of the company’s stock.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Hanover Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, May 22nd.

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.