Hanover Bancorp (NASDAQ:HNVR) Issues Earnings Results, Misses Estimates By $0.51 EPS

Hanover Bancorp (NASDAQ:HNVR) issued its quarterly earnings results on Thursday. The company reported $0.00 earnings per share (EPS) 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 analyst estimates of $18.85 million.

Hanover Bancorp Price Performance

HNVR traded down $0.85 on Friday, hitting $23.10. 81,638 shares of the stock were exchanged, compared to its average volume of 15,431. The firm has a market capitalization of $166.09 million, a price-to-earnings ratio of 23.10 and a beta of 0.04. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.04 and a quick ratio of 1.03. Hanover Bancorp has a 12 month low of $18.31 and a 12 month high of $26.93. The business has a 50-day moving average of $23.27 and a two-hundred day moving average of $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 given a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, February 12th. This represents a $0.40 annualized dividend and a yield of 1.7%. Hanover Bancorp’s dividend payout ratio is currently 26.32%.

Insider Activity at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of the business’s stock in a transaction on Tuesday, November 4th. The stock was 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. The trade was a 5.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Large investors have recently modified their holdings of the business. Geode Capital Management LLC raised its position in Hanover Bancorp by 117.7% during the 2nd 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. Corient Private Wealth LLC acquired a new stake in shares of Hanover Bancorp in the second quarter valued at about $572,000. Citadel Advisors LLC acquired a new stake in shares of Hanover Bancorp in the third quarter valued at about $290,000. Jane Street Group LLC raised its position in shares of Hanover Bancorp by 97.5% during the first quarter. Jane Street Group LLC now owns 21,292 shares of the company’s stock worth $467,000 after acquiring an additional 10,511 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Hanover Bancorp by 298.4% in the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company’s stock worth $205,000 after acquiring an additional 7,039 shares during the period. Institutional investors own 15.02% of the company’s stock.

Wall Street Analysts Forecast Growth

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