Hanover Bancorp (NASDAQ:HNVR) Issues Earnings Results, Beats Estimates By $0.03 EPS

Hanover Bancorp (NASDAQ:HNVR) announced its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 Stock Performance

Shares of NASDAQ:HNVR traded down $0.13 during midday trading on Wednesday, reaching $26.18. 1,761 shares of the company’s stock traded hands, compared to its average volume of 14,509. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03. Hanover Bancorp has a one year low of $13.62 and a one year high of $27.14. The company has a market cap of $187.15 million, a price-to-earnings ratio of 15.86 and a beta of -0.04. The stock has a 50 day moving average of $24.03 and a 200 day moving average of $20.39.

Insider Buying and Selling

In other Hanover Bancorp news, Director Robert Golden sold 2,500 shares of Hanover Bancorp stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total value of $63,750.00. Following the completion of the sale, the director now owns 28,345 shares of the company’s stock, valued at approximately $722,797.50. The trade was a 8.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 24.76% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Stephens cut shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th. Piper Sandler upped their target price on shares of Hanover Bancorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th.

About Hanover Bancorp

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.