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

Hanover Bancorp (NASDAQ:HNVR) released its earnings results on Wednesday. The company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01, FiscalAI reports. The firm had revenue of $19.28 million for the quarter, compared to analyst estimates of $20.00 million. Hanover Bancorp had a net margin of 6.71% and a return on equity of 6.00%.

Hanover Bancorp Stock Up 2.1%

Shares of Hanover Bancorp stock traded up $0.48 on Thursday, reaching $23.45. 4,291 shares of the company were exchanged, compared to its average volume of 33,925. Hanover Bancorp has a 1-year low of $19.91 and a 1-year high of $27.94. The stock’s 50 day moving average price is $25.80 and its 200-day moving average price is $23.90. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market cap of $165.42 million, a P/E ratio of 18.35 and a beta of 0.11.

Hanover Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 18th. Investors of record on Wednesday, November 11th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, November 10th. Hanover Bancorp’s payout ratio is presently 31.50%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on HNVR. Zacks Research upgraded Hanover Bancorp from a “hold” rating to a “strong-buy” rating in a report on Friday, October 2nd. Raymond James Financial initiated coverage on shares of Hanover Bancorp in a research report on Wednesday, August 26th. They set a “market perform” rating on the stock. Piper Sandler upped their price target on 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 upgraded shares of Hanover Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, October 5th. Finally, Weiss Ratings downgraded shares of Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Hanover Bancorp presently has a consensus rating of “Buy” and an average target price 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.