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On April 30, 2025, Hanover Bancorp, Inc. (HNVR), a New York-incorporated state commercial bank with a market capitalization of $167 million, conducted its Annual Meeting of Shareholders. The meeting came as the bank’s stock delivered a strong 42% return over the past year, according to InvestingPro data. The meeting’s agenda included the election of four directors to its board and the ratification of the company’s independent auditor for the year.
The shareholders re-elected Michael P. Puorro, Metin Negrin, Elena Sisti, and Michael Thaden as directors for three-year terms. The election results were decisive, with Puorro receiving 4,993,403 votes for and 298,269 withheld; Negrin with 5,081,371 votes for and 210,301 withheld; Sisti securing 4,645,113 votes for and 646,559 withheld; and Thaden with 5,286,764 votes for and 4,908 withheld. Broker non-votes for each candidate stood at 586,985. The bank maintains a FAIR financial health score and trades at a P/E ratio of 16.9x, as reported by InvestingPro.
In addition to the director elections, the shareholders approved the appointment of Crowe LLP as the company’s independent registered public accounting firm for 2025. The proposal received substantial support, with 5,463,294 votes for, 384,776 against, and 30,587 abstentions.
The total number of shares represented at the meeting was 5,878,657 out of the 7,200,883 shares outstanding as of the record date, March 11, 2025.
The results affirm the shareholders’ confidence in the existing board’s governance and the company’s accounting practices. InvestingPro analysis indicates the company is currently trading near its Fair Value, with analysts projecting profitability for the year ahead. The bank offers a 1.72% dividend yield, demonstrating its commitment to shareholder returns. This information is based on a press release statement and financial data.
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