Hanover Bancorp (NASDAQ:HNVR) Announces Earnings Results

Hanover Bancorp (NASDAQ:HNVR) announced its quarterly earnings results on Thursday. The company reported $0.00 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.51), FiscalAI reports. Hanover Bancorp had a net margin of 5.22% and a return on equity of 5.18%. The business had revenue of $18.60 million during the quarter, compared to analysts’ expectations of $18.85 million.

Hanover Bancorp Price Performance

HNVR stock traded down $0.85 on Friday, reaching $23.10. The company had a trading volume of 81,638 shares, compared to its average volume of 15,431. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. The company has a market cap of $166.09 million, a P/E ratio of 23.10 and a beta of 0.04. Hanover Bancorp has a 1 year low of $18.31 and a 1 year high of $26.93. The company’s fifty day moving average is $23.27 and its 200 day moving average is $22.39.

Hanover Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 26th. Investors of record on Thursday, February 12th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Thursday, February 12th. Hanover Bancorp’s dividend payout ratio (DPR) is presently 26.32%.

Insider Buying and Selling

In related news, Director Robert Golden sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $21.25, for a total transaction of $106,250.00. Following the completion of the transaction, the director owned 80,769 shares of the company’s stock, valued at approximately $1,716,341.25. This represents a 5.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 24.76% of the company’s stock.

Institutional Trading of Hanover Bancorp

A number of hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets boosted its position in Hanover Bancorp by 219.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after purchasing an additional 886 shares during the period. Bank of America Corp DE grew its position in Hanover Bancorp by 3,744.7% in the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after purchasing an additional 1,423 shares during the last quarter. JPMorgan Chase & Co. bought a new position in Hanover Bancorp in the 2nd quarter worth about $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Hanover Bancorp in the second quarter valued at approximately $59,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Hanover Bancorp during the third quarter valued at approximately $71,000. Hedge funds and other institutional investors own 15.02% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on HNVR. Piper Sandler decreased their price objective on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a research report on Friday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Hanover Bancorp in a report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.