Hanover Bancorp (NASDAQ:HNVR) Releases Quarterly Earnings Results

Key Points

• Hanover Bancorp beat earnings expectations, reporting quarterly EPS of $0.58 versus the $0.57 consensus estimate. Revenue came in at $19.57 million, slightly below analyst expectations of $19.83 million.
• The stock traded higher after the report, rising $0.25 to $24.79 on Thursday, with trading volume above its average. The company now has a market cap of $177.42 million and a dividend yield of 1.6%.
• Analysts remain cautious overall, with a consensus rating of “Hold” and an average price target of $24.33. Piper Sandler is more bullish, assigning an overweight rating and a $26.50 target.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.01, FiscalAI reports. The business had revenue of $19.57 million for the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a return on equity of 5.09% and a net margin of 5.53%.

Hanover Bancorp Price Performance

Shares of HNVR stock traded up $0.25 on Thursday, reaching $24.79. The company's stock had a trading volume of 45,086 shares, compared to its average volume of 31,481. The company has a market capitalization of $177.42 million, a P/E ratio of 23.61 and a beta of 0.11. Hanover Bancorp has a 12-month low of $19.91 and a 12-month high of $25.61. The stock's 50 day simple moving average is $23.53 and its 200-day simple moving average is $22.77. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.30.

Hanover Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 18th. Investors of record on Monday, May 11th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Monday, May 11th. Hanover Bancorp's dividend payout ratio (DPR) is 38.10%.

Insider Buying and Selling at Hanover Bancorp

In other Hanover Bancorp news, Director Robert Golden sold 1,295 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $23.53, for a total value of $30,471.35. Following the sale, the director owned 31,702 shares of the company's stock, valued at $745,948.06. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 4,566 shares of company stock valued at $105,240. Company insiders own 24.38% of the company's stock.

Hedge Funds Weigh In On Hanover Bancorp

Institutional investors have recently made changes to their positions in the stock. Barclays PLC grew its position in Hanover Bancorp by 19.9% in the fourth quarter. Barclays PLC now owns 10,669 shares of the company's stock worth $247,000 after acquiring an additional 1,769 shares in the last quarter. Fourthstone LLC lifted its position in Hanover Bancorp by 22.6% in the 4th quarter. Fourthstone LLC now owns 516,702 shares of the company's stock worth $11,941,000 after buying an additional 95,194 shares during the last quarter. GM Advisory Group LLC purchased a new stake in Hanover Bancorp in the fourth quarter worth approximately $430,000. Wells Fargo & Company MN grew its position in Hanover Bancorp by 59.9% during the fourth quarter. Wells Fargo & Company MN now owns 5,531 shares of the company's stock valued at $128,000 after acquiring an additional 2,072 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Hanover Bancorp by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company's stock valued at $719,000 after purchasing an additional 534 shares during the last quarter. Institutional investors own 15.02% of the company's stock.

Wall Street Analysts Forecast Growth

HNVR has been the subject of several research reports. Weiss Ratings raised Hanover Bancorp from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 1st. Zacks Research raised shares of Hanover Bancorp to a "hold" rating in a research report on Monday, July 13th. Finally, Piper Sandler assumed coverage on shares of Hanover Bancorp in a report on Friday, July 10th. They issued an "overweight" rating and a $26.50 price objective for the company. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Hanover Bancorp presently has a consensus rating of "Hold" and an average price target of $24.33.

About Hanover Bancorp

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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