Hanover Bancorp (NASDAQ:HNVR) Releases Quarterly Earnings Results, Misses Expectations By $0.51 EPS

Hanover Bancorp (NASDAQ:HNVR) issued 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. The business had revenue of $18.60 million during the quarter, compared to analysts’ expectations of $18.85 million. Hanover Bancorp had a return on equity of 5.18% and a net margin of 5.22%.

Hanover Bancorp Stock Performance

Shares of NASDAQ:HNVR traded down $0.85 during trading on Friday, hitting $23.10. The stock had a trading volume of 81,638 shares, compared to its average volume of 15,431. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 0.13. Hanover Bancorp has a 12-month low of $18.31 and a 12-month high of $26.93. The stock has a market capitalization of $166.09 million, a price-to-earnings ratio of 23.10 and a beta of 0.04. The stock has a 50-day simple moving average of $23.27 and a two-hundred day simple moving average of $22.39.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 26th. Shareholders of record on Thursday, February 12th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.7%. Hanover Bancorp’s payout ratio is currently 26.32%.

Analyst Ratings Changes

A number of research firms recently weighed in on HNVR. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Hanover Bancorp in a research note on Monday, December 29th. Piper Sandler reduced their price target on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating for the company in a report on Friday. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Hanover Bancorp currently has an average rating of “Hold” and a consensus price target of $24.33.

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $21.25, for a total value of $106,250.00. Following the completion of the transaction, the director owned 80,769 shares of the company’s stock, valued at $1,716,341.25. The trade was a 5.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 24.76% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Hanover Bancorp

A number of large investors have recently bought and sold shares of HNVR. Goldman Sachs Group Inc. raised its position in shares of Hanover Bancorp by 24.5% during 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 during the last quarter. Jane Street Group LLC increased 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 worth $467,000 after buying an additional 10,511 shares in the last quarter. Acadian Asset Management LLC raised its holdings in shares of Hanover Bancorp by 298.4% during the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company’s stock valued at $205,000 after acquiring an additional 7,039 shares during the last quarter. Geode Capital Management LLC lifted its position 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 valued at $2,294,000 after acquiring an additional 57,166 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Hanover Bancorp in the second quarter worth approximately $51,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

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.