In recent trading activity, Michael P. Puorro, the Chairman and CEO of Hanover Bancorp, Inc. (NASDAQ:HNVR), has purchased additional shares of the company's common stock. The transactions took place on two separate days, with a total investment of $6,736.
On the first day, Puorro acquired 200 shares at a price of $16.9 per share. The following day, he continued to increase his stake in the company by purchasing another 200 shares, this time at a slightly lower price of $16.78 per share. These transactions exhibit a price range between $16.78 and $16.9 for the shares acquired.
The back-to-back purchases by the CEO have resulted in an additional 400 shares added to his holdings in Hanover Bancorp. Following these transactions, Puorro's direct ownership in the company stands at 277,888 shares of common stock.
Investors often monitor insider buying as it can be a sign of confidence in the company's future prospects. The recent purchases by Hanover Bancorp's CEO might be interpreted as a positive signal regarding the company's performance and outlook.
Hanover Bancorp, Inc. is a commercial bank headquartered in New York and is recognized for providing a range of banking services to individual and corporate customers. The company's stock is traded on the NASDAQ under the symbol HNVR.
InvestingPro Insights
The recent insider buying by Michael P. Puorro, Chairman and CEO of Hanover Bancorp, Inc. (NASDAQ:HNVR), signals a potential uptick in confidence regarding the company's trajectory. Supporting this sentiment, InvestingPro data indicates a substantial 11.5% return over the last week in Hanover Bancorp's stock performance. This aligns with the executive's purchasing pattern and could suggest a favorable short-term outlook for the company.
Looking at the company's financial health, Hanover Bancorp currently boasts a Price/Earnings (P/E) ratio of 4.59, which is relatively low and might indicate that the stock is undervalued compared to earnings. Additionally, the bank's Revenue Growth for the last quarter was 9.92%, reflecting a positive trend in the company's earnings capability.
InvestingPro Tips highlight both strengths and areas of concern for Hanover Bancorp. While the company has demonstrated profitability over the last twelve months, there is an anticipation of weak gross profit margins and an expected drop in net income this year. Nonetheless, analysts remain optimistic, predicting the company will maintain profitability this year.
For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/HNVR. To enhance your investing strategy with these insights, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. This offer grants access to a broader range of tips, with Hanover Bancorp featuring five additional InvestingPro Tips that could further inform investment decisions.
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