Hanover Bancorp (NASDAQ:HNVR) Announces Earnings Results

Key Points

• Hanover Bancorp reported $0.54 EPS for the quarter, beating the consensus by $0.01, while revenue came in at $19.11 million, slightly below estimates.
• The company declared a quarterly dividend of $0.10 per share (annualized $0.40) with an ex‑dividend date of May 11 and a yield of about 1.8%.
• Shares carry a market cap of about $159 million and a P/E of 22.16, and Wall Street sentiment is mixed with an average rating of "Hold" and an average target price of $24.33.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) announced its quarterly earnings results on Monday. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01, Zacks reports. The company had revenue of $19.11 million during the quarter, compared to analysts' expectations of $19.55 million. Hanover Bancorp had a return on equity of 5.18% and a net margin of 5.22%.

Hanover Bancorp Price Performance

Hanover Bancorp stock opened at $22.16 on Tuesday. The stock has a market cap of $158.93 million, a price-to-earnings ratio of 22.16 and a beta of 0.04. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. The business has a 50-day simple moving average of $21.65 and a 200 day simple moving average of $22.29. Hanover Bancorp has a 52 week low of $19.91 and a 52 week high of $24.36.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 18th. Investors of record on Monday, May 11th will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.8%. The ex-dividend date is Monday, May 11th. Hanover Bancorp's payout ratio is presently 40.00%.

Wall Street Analyst Weigh In

Several research analysts have commented on HNVR shares. Weiss Ratings downgraded Hanover Bancorp from a "buy (b-)" rating to a "hold (c)" rating in a research note on Monday, March 16th. Zacks Research downgraded shares of Hanover Bancorp from a "hold" rating to a "strong sell" rating in a report on Friday, January 30th. Finally, Piper Sandler cut their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an "overweight" rating for the company in a research report on Friday, January 30th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $24.33.

Institutional Trading of Hanover Bancorp

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets increased its position in shares of Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company's stock worth $29,000 after purchasing an additional 886 shares during the last quarter. Bank of America Corp DE lifted its position in Hanover Bancorp by 3,744.7% during the second quarter. Bank of America Corp DE now owns 1,461 shares of the company's stock valued at $33,000 after purchasing an additional 1,423 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in Hanover Bancorp in the 2nd quarter worth approximately $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Hanover Bancorp in the 2nd quarter worth $59,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Hanover Bancorp in the 3rd quarter worth $71,000. Institutional investors own 15.02% of the company's stock.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.

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