Robert Golden, a director at Hanover Bancorp, Inc. (NASDAQ:HNVR), has sold 2,500 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The shares were sold at $25.50 each, amounting to $63,750. The transaction comes as the stock has shown remarkable strength, gaining over 58% in the past six months according to InvestingPro data.
Following this sale, Golden retains direct ownership of 28,345 shares. Additionally, he holds shares indirectly through various trusts and entities. These include 8,846 shares held in trusts for his children, 215,615 shares in trusts for his benefit managed by his spouse, and 30,000 shares in trusts for his children managed by his spouse. Other indirect holdings include 85,769 shares in trusts for his sibling, 32,692 shares owned by his spouse, and 52,771 shares held by a limited liability company controlled by him.
Golden's transactions are part of routine disclosures required for company insiders, offering transparency to investors about insider trading activities.
In other recent news, Hanover Bancorp has been under the financial lens, with Piper Sandler raising its stock price target to $22.00 from the previous $20.00, maintaining an Overweight rating. This adjustment followed Hanover Bancorp's third quarter earnings report for 2024, which surpassed analyst expectations. The company disclosed an earnings per share of $0.50 after adjusting for one-time items, a figure that exceeded Piper Sandler's estimate by $0.09 and was $0.05 higher than the consensus estimate among other analysts.
In addition to its financial performance, Hanover Bancorp has seen changes in its leadership, with the recent appointment of Michael Thaden as a director. Thaden's appointment was a result of an agreement with Castle Creek Capital Partners (WA:CPAP) VIII, LP, which has surpassed the ownership of 865,000 shares of the company's common stock and Series A Preferred Stock.
Furthermore, Hanover Bancorp has announced a new employment agreement with its Executive Vice President and Chief Financial Officer, Lance P. Burke, with an annual salary of $350,000. The bank also plans to open a full-service branch in Port Jefferson, New York, indicating its ongoing commitment to expansion. These recent developments highlight Hanover Bancorp's strategic moves in both its financial performance and corporate governance.
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