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

Hanover Bancorp (NASDAQ:HNVR) posted its quarterly earnings results on Thursday. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.01, FiscalAI reports. The business had revenue of $19.57 million for the quarter, compared to analyst estimates of $19.83 million. Hanover Bancorp had a return on equity of 5.09% and a net margin of 5.53%.

Hanover Bancorp Stock Up 1.0%

HNVR stock traded up $0.25 during midday trading on Thursday, hitting $24.79. The stock had a trading volume of 45,086 shares, compared to its average volume of 31,481. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $177.42 million, a price-to-earnings ratio of 23.61 and a beta of 0.11. The business has a 50-day moving average of $23.53 and a two-hundred day moving average of $22.77. Hanover Bancorp has a 52-week low of $19.91 and a 52-week high of $25.61.

Hanover Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 18th. Investors of record on Monday, May 11th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, May 11th. Hanover Bancorp’s dividend payout ratio is presently 38.10%.

Insider Activity

In related news, Director Robert Golden sold 2,259 shares of Hanover Bancorp stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total transaction of $51,482.61. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 4,566 shares of company stock valued at $105,240. 24.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On Hanover Bancorp

Several institutional investors and hedge funds have recently modified their holdings of HNVR. Goldman Sachs Group Inc. boosted its stake in Hanover Bancorp by 24.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock worth $486,000 after purchasing an additional 4,356 shares in the last quarter. Jane Street Group LLC boosted its stake in Hanover Bancorp by 97.5% during the 1st quarter. Jane Street Group LLC now owns 21,292 shares of the company’s stock valued at $467,000 after purchasing an additional 10,511 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Hanover Bancorp by 298.4% in the 1st 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of Hanover Bancorp by 117.7% in the second quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock worth $2,294,000 after purchasing an additional 57,166 shares during the last quarter. Finally, JPMorgan Chase & Co. bought a new position in shares of Hanover Bancorp during the second quarter valued at $51,000. 15.02% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on HNVR. Weiss Ratings upgraded shares of Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 1st. Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a research report on Monday, July 13th. Finally, Piper Sandler began coverage on shares of Hanover Bancorp in a research note on Friday, July 10th. They set 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $24.33.

Hanover Bancorp Company Profile

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.