Hanover Bancorp (NASDAQ:HNVR) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Hanover Bancorp (NASDAQ:HNVR) announced its quarterly earnings data on Thursday. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01, FiscalAI reports. The business had revenue of $19.57 million for the quarter, compared to analysts’ expectations 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

NASDAQ:HNVR traded down $0.20 during trading hours on Thursday, hitting $24.34. 45,089 shares of the company’s stock traded hands, compared to its average volume of 31,591. The firm has a market cap of $174.20 million, a P/E ratio of 23.18 and a beta of 0.11. Hanover Bancorp has a 52 week low of $19.91 and a 52 week high of $25.61. The business’s fifty day simple moving average is $23.53 and its two-hundred 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%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on HNVR shares. Zacks Research raised shares of Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings raised shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 1st. Finally, Piper Sandler initiated coverage on shares of Hanover Bancorp in a research note on Friday, July 10th. They issued an “overweight” rating and a $26.50 price objective for the company. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Hanover Bancorp currently has an average rating of “Hold” and a consensus target price of $24.33.

Insider Buying and Selling

In other Hanover Bancorp news, Director Robert Golden sold 2,259 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $22.79, for a total value of $51,482.61. Following the transaction, the director directly owned 34,009 shares in the company, valued at $775,065.11. This represents a 6.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 4,566 shares of company stock worth $105,240 in the last three months. 24.38% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in shares of Hanover Bancorp by 23.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,776 shares of the company’s stock worth $62,000 after buying an additional 529 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 worth $719,000 after acquiring an additional 534 shares during the last quarter. BNP Paribas Financial Markets grew its position in 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 acquiring an additional 886 shares in the last quarter. Bank of America Corp DE grew its position in Hanover Bancorp by 68.6% in the third quarter. Bank of America Corp DE now owns 2,463 shares of the company’s stock worth $55,000 after acquiring an additional 1,002 shares in the last quarter. Finally, Barclays PLC increased its stake in Hanover Bancorp by 19.9% in the fourth quarter. Barclays PLC now owns 10,669 shares of the company’s stock valued at $247,000 after acquiring an additional 1,769 shares during the last quarter. Hedge funds and other institutional investors own 15.02% of the company’s stock.

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.