Hanover Bancorp (NASDAQ:HNVR) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Hanover Bancorp (NASDAQ:HNVR) issued its quarterly earnings results on Wednesday. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.49 by $0.03, Zacks reports. Hanover Bancorp had a return on equity of 6.77% and a net margin of 8.39%.

Hanover Bancorp Price Performance

Shares of NASDAQ HNVR opened at $26.55 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average price is $24.11 and its two-hundred day moving average price is $20.44. The company has a market cap of $189.83 million, a PE ratio of 16.09 and a beta of -0.04. Hanover Bancorp has a twelve month low of $13.62 and a twelve month high of $27.14.

Insider Activity

In other news, Director Robert Golden sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total transaction of $63,750.00. Following the completion of the sale, the director now owns 28,345 shares in the company, valued at approximately $722,797.50. This trade represents a 8.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 24.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on HNVR shares. Piper Sandler increased their price objective on Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 24th. Stephens cut shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th.

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.