In a recent move that signals confidence in the company, Hanover Bancorp, Inc. /NY's (NASDAQ:HNVR) Executive Vice President and Chief Financial Officer, Lance P. Burke, acquired additional shares of the company's common stock. On April 30, Burke purchased 200 shares at a price of $16.60 per share, amounting to a total investment of $3,320.
This transaction adds to Burke's already significant holding in the company, demonstrating his commitment to Hanover Bancorp's future. Following the purchase, the CFO now owns a total of 21,371 shares of common stock directly.
Investors often view insider purchases as a positive sign that company executives are bullish on the firm's prospects or believe the stock is undervalued. Such transactions are closely monitored as they can provide insights into an insider's view of the company's value.
Hanover Bancorp, Inc., headquartered in Mineola, New York, operates as a state commercial bank and has been serving its community with a range of financial services. The company's stock trades on the NASDAQ under the ticker symbol HNVR.
For those following the company's financial moves, this latest acquisition by a top executive is a noteworthy event, reflecting a personal investment in the bank's growth and stability.
InvestingPro Insights
Following the recent insider share purchase by Hanover Bancorp, Inc. /NY's (NASDAQ:HNVR) Executive Vice President and CFO, Lance P. Burke, the market is keenly observing the company's financial health and growth potential. A glance at the real-time data from InvestingPro reveals a mixed financial canvas. With a market capitalization of 120.34 million USD and a notably low price-to-book ratio of 0.63 as of the last twelve months ending Q2 2024, HNVR appears to be valued conservatively in relation to its assets.
InvestingPro Tips highlight that, despite concerns over weak gross profit margins, Hanover Bancorp has shown resilience with a strong return over the last month of 12.93%. Analysts are optimistic, predicting that the company will be profitable this year, a sentiment backed by its profitability over the past twelve months. These insights suggest a potential undervaluation of HNVR's shares, especially considering the company's recent revenue growth of 9.92% in Q2 2024 over the previous quarter.
Investors considering Hanover Bancorp as an addition to their portfolio can find further guidance through InvestingPro, which offers additional tips on the company's financials and performance. With the promo code PRONEWS24, users can access these insights at a discounted rate, gaining an additional 10% off a yearly or biyearly Pro and Pro+ subscription. The platform currently lists 4 additional InvestingPro Tips for HNVR, providing a more comprehensive understanding of the company's prospects.
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