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

Hanover Bancorp (NASDAQ:HNVR) announced its quarterly earnings data on Wednesday. The company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01, FiscalAI reports. Hanover Bancorp had a return on equity of 6.00% and a net margin of 6.71%. The business had revenue of $19.28 million during the quarter, compared to analysts’ expectations of $20.00 million.

Hanover Bancorp Stock Performance

Shares of NASDAQ:HNVR traded down $0.12 on Wednesday, hitting $23.30. The company had a trading volume of 13,144 shares, compared to its average volume of 34,028. Hanover Bancorp has a 1-year low of $19.91 and a 1-year high of $27.94. The stock has a market cap of $164.38 million, a price-to-earnings ratio of 18.35 and a beta of 0.11. The stock has a 50 day moving average price of $25.89 and a 200 day moving average price of $23.90. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.17.

Insider Buying and Selling at Hanover Bancorp

In related news, President Kevin O’Connor bought 10,000 shares of the business’s stock in a transaction dated Thursday, July 30th. The stock was bought at an average price of $26.88 per share, for a total transaction of $268,800.00. Following the purchase, the president owned 12,300 shares in the company, valued at $330,624. This represents a 434.78% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.38% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on HNVR shares. Piper Sandler upped their price objective on shares of Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a research report on Monday, July 27th. Wall Street Zen raised shares of Hanover Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, October 5th. Raymond James Financial began coverage on Hanover Bancorp in a report on Wednesday, August 26th. They set a “market perform” rating for the company. Weiss Ratings downgraded shares of Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Finally, Zacks Research upgraded Hanover Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $28.50.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the parent company of Hanover Community Bank, a community-focused banking institution headquartered in Mineola, New York. The bank provides a range of financial services to individuals, families, businesses and nonprofit organizations through its branch network and digital banking channels.

Hanover Community Bank offers deposit products such as checking, savings, money market and certificate of deposit accounts. Its lending activities include residential and commercial real estate loans, construction and land loans, commercial business financing, home equity loans and consumer credit.