Hanover Bancorp (NASDAQ:HNVR) Issues Earnings Results, Beats Expectations By $0.02 EPS

Hanover Bancorp (NASDAQ:HNVR) released its quarterly earnings data on Thursday. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02, FiscalAI reports. The company had revenue of $19.57 million during the quarter, compared to analysts’ expectations of $19.83 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%.

Hanover Bancorp Trading Up 1.0%

NASDAQ:HNVR opened at $24.79 on Friday. The firm has a 50-day simple moving average of $23.57 and a 200-day simple moving average of $22.78. Hanover Bancorp has a one year low of $19.91 and a one year high of $25.61. The firm has a market cap of $177.50 million, a P/E ratio of 23.61 and a beta of 0.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 13th. Stockholders of record on Thursday, August 6th will be issued a $0.10 dividend. The ex-dividend date is Thursday, August 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.6%. Hanover Bancorp’s payout ratio is currently 38.10%.

Insider Activity

In related news, Director Robert Golden sold 2,259 shares of Hanover Bancorp stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total transaction of $51,482.61. Following the transaction, the director directly owned 34,009 shares of the company’s stock, valued at $775,065.11. This trade represents a 6.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 4,566 shares of company stock worth $105,240 in the last 90 days. 24.38% of the stock is currently owned by company insiders.

Institutional Trading of Hanover Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of HNVR. GM Advisory Group LLC purchased a new position in shares of Hanover Bancorp in the 4th quarter valued at $430,000. Wells Fargo & Company MN lifted its stake in shares of Hanover Bancorp by 59.9% during the 4th quarter. Wells Fargo & Company MN now owns 5,531 shares of the company’s stock worth $128,000 after purchasing an additional 2,072 shares during the last quarter. Citadel Advisors LLC purchased a new stake in shares of Hanover Bancorp during the 3rd quarter worth $290,000. Russell Investments Group Ltd. bought a new stake in Hanover Bancorp during the third quarter valued at about $71,000. Finally, New York State Common Retirement Fund bought a new stake in Hanover Bancorp during the second quarter valued at about $108,000. Institutional investors own 15.02% of the company’s stock.

Wall Street Analyst Weigh In

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