Hanover Bancorp (NASDAQ:HNVR) Issues Earnings Results, Misses Expectations By $0.24 EPS

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.57 by ($0.24), Zacks reports. The business had revenue of $18.36 million during the quarter, compared to analysts' expectations of $19.30 million. Hanover Bancorp had a return on equity of 7.44% and a net margin of 7.73%.

Hanover Bancorp Price Performance

Shares of HNVR stock traded down $0.32 during mid-day trading on Friday, hitting $21.78. The company had a trading volume of 9,097 shares, compared to its average volume of 11,535. Hanover Bancorp has a 52-week low of $16.57 and a 52-week high of $27.14. The stock's 50 day moving average price is $22.29 and its 200-day moving average price is $22.85. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.03. The company has a market capitalization of $157.47 million, a P/E ratio of 14.24 and a beta of 0.07.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 13th. Stockholders of record on Wednesday, August 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Wednesday, August 6th. Hanover Bancorp's dividend payout ratio (DPR) is presently 26.14%.

Insiders Place Their Bets

In related news, Director Robert Golden sold 5,000 shares of the business's stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.42, for a total value of $117,100.00. Following the sale, the director owned 205,418 shares in the company, valued at approximately $4,810,889.56. The trade was a 2.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 23.88% of the company's stock.

Institutional Investors Weigh In On Hanover Bancorp

Large investors have recently bought and sold shares of the business. Acadian Asset Management LLC increased its position in Hanover Bancorp by 298.4% in the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company's stock worth $205,000 after purchasing an additional 7,039 shares during the last quarter. Jane Street Group LLC increased its position in Hanover Bancorp by 97.5% during the first quarter. Jane Street Group LLC now owns 21,292 shares of the company's stock valued at $467,000 after acquiring an additional 10,511 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Hanover Bancorp by 24.5% during the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock valued at $486,000 after acquiring an additional 4,356 shares during the last quarter. Institutional investors own 15.02% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on HNVR shares. Piper Sandler lowered their price target on shares of Hanover Bancorp from $27.00 to $25.00 and set an "overweight" rating on the stock in a report on Thursday. Wall Street Zen downgraded shares of Hanover Bancorp from a "buy" rating to a "hold" rating in a report on Thursday, May 22nd.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.