Hanover Bancorp (NASDAQ: HNVR) has made headlines with recent updates to its dividend policy and insider stock transactions. The company announced a quarterly dividend of $0.10 per share, which was distributed on November 20, 2023. Shareholders who were on record as of November 13, 2023 received this payment. The ex-dividend date was also set for November 13, marking a significant date for investors.
This quarterly dividend translates to an annualized payout of $0.40, reflecting a yield of 1.7%. Currently, Hanover Bancorp maintains a dividend payout ratio of 26.32%, indicating a balanced approach to shareholder returns while reinvesting in the business.
Insider Trading and Market Position
In related developments, Director Robert Golden sold 5,000 shares of Hanover Bancorp on November 4, 2023. The shares were sold at an average price of $21.25, resulting in a total transaction value of $106,250.00. Following this sale, Golden holds 80,769 shares in the company, valued at approximately $1,716,341.25. This transaction reflects a 5.83% decrease in his overall ownership stake, a detail that was disclosed in a filing with the U.S. Securities and Exchange Commission.
Insider ownership remains noteworthy, with approximately 24.76% of shares held by corporate insiders. This level of insider ownership often suggests confidence in the company’s future prospects, although it can also raise questions among investors about potential motivations behind stock sales.
About Hanover Bancorp
Hanover Bancorp, Inc. serves as the bank holding company for The Hanover National Bank, a regional financial institution located in Syracuse, New York. The bank provides a comprehensive suite of commercial and retail banking services, focusing on relationship-driven client support and active community involvement.
Key offerings include various deposit products such as checking accounts, savings accounts, and certificates of deposit, alongside commercial and consumer lending solutions. Additionally, Hanover Bancorp provides treasury management services, residential mortgage origination, and investment advisory services tailored to meet the diverse needs of individuals, small businesses, and municipalities within its operational area.
Operating primarily in Central and Upstate New York, Hanover Bancorp has established a network of branches and loan production offices designed to serve local communities effectively.
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Through these developments, Hanover Bancorp continues to navigate its position in the financial sector while balancing shareholder returns and strategic growth initiatives.
