Elena Sisti, a director at Hanover Bancorp, Inc. (NASDAQ:HNVR), recently purchased 215 shares of the company's common stock. The shares were acquired at a price of $23.48 each, amounting to a total transaction value of $5,048. Following this acquisition, Sisti now directly owns 102,093 shares of Hanover Bancorp. Additionally, there are 51,018 shares indirectly owned by her spouse. This transaction was documented in a filing with the Securities and Exchange Commission on November 26, 2024.
In other recent news, Hanover Bancorp exceeded analyst expectations with its third quarter earnings for 2024. The firm reported an earnings per share (EPS) of $0.48, which, after adjusting for one-time items, was calculated at $0.50. This figure surpassed Piper Sandler's estimate by $0.09, a 21% positive variance, and was $0.05 higher than the consensus estimate among other analysts, marking an 11% beat. Piper Sandler subsequently increased Hanover Bancorp's stock price target from $20.00 to $22.00, maintaining an Overweight rating on the stock.
In addition to its financial performance, Hanover Bancorp announced the appointment of Michael Thaden as a director. Thaden's appointment is a direct result of an agreement with Castle Creek Capital Partners (WA:CPAP) VIII, LP, which allows for a board representative once their share ownership exceeds a certain threshold. Castle Creek currently holds a significant stake in Hanover Bancorp, warranting this board representation.
Other recent developments include a new employment agreement with Executive Vice President and Chief Financial Officer, Lance P. Burke. The agreement outlines Burke's compensation, benefits, and employment conditions, with an annual salary of $350,000. Hanover Bancorp also has plans to open a full-service branch in Port Jefferson, New York, in the fourth quarter of 2024.
InvestingPro Insights
Elena Sisti's recent purchase of Hanover Bancorp shares aligns with some positive trends highlighted by InvestingPro data. The company has shown strong performance in recent months, with a 27.96% price total return over the past month and an impressive 47.37% return over the last six months. This upward momentum is further supported by InvestingPro Tips, which indicate that two analysts have revised their earnings upwards for the upcoming period, suggesting potential confidence in the company's future performance.
However, investors should note that the stock's Relative Strength Index (RSI) suggests it may be in overbought territory, according to another InvestingPro Tip. This could imply that the recent strong returns might face some resistance in the near term.
From a valuation perspective, Hanover Bancorp's P/E ratio stands at 12.95, which is relatively modest compared to some peers in the banking sector. The company also offers a dividend yield of 1.66%, providing an additional incentive for investors.
It's worth noting that InvestingPro has many more tips available for Hanover Bancorp, which could provide deeper insights into the company's financial health and market position. Investors looking for a more comprehensive analysis might find these additional tips valuable in making informed decisions.
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