Hanover Bancorp (NASDAQ:HNVR) Announces Earnings Results

Hanover Bancorp (NASDAQ:HNVR) issued its quarterly earnings results on Thursday. The company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02, FiscalAI reports. Hanover Bancorp had a return on equity of 6.01% and a net margin of 6.71%.The firm had revenue of $19.57 million during the quarter, compared to the consensus estimate of $19.83 million.

Hanover Bancorp Trading Up 0.9%

Shares of HNVR opened at $25.01 on Friday. Hanover Bancorp has a 1-year low of $19.91 and a 1-year high of $25.75. The company has a market capitalization of $179.07 million, a P/E ratio of 19.69 and a beta of 0.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The firm’s 50 day simple moving average is $23.62 and its 200 day simple moving average is $22.80.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Thursday, August 6th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Thursday, August 6th. Hanover Bancorp’s dividend payout ratio is currently 38.10%.

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 1,295 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $23.53, for a total transaction of $30,471.35. Following the transaction, the director directly owned 31,702 shares in the company, valued at approximately $745,948.06. This represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 4,566 shares of company stock worth $105,240 over the last three months. Insiders own 24.38% of the company’s stock.

Institutional Investors Weigh In On Hanover Bancorp

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its holdings in shares of 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 last quarter. Bank of America Corp DE boosted its position in Hanover Bancorp by 3,744.7% during the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after buying an additional 1,423 shares during the period. JPMorgan Chase & Co. bought a new position in shares of Hanover Bancorp during the second quarter valued at about $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Hanover Bancorp in the second quarter worth about $59,000. Finally, Russell Investments Group Ltd. bought a new stake in shares of Hanover Bancorp in the 3rd quarter valued at about $71,000. 15.02% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on HNVR. Weiss Ratings upgraded Hanover Bancorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 1st. Wall Street Zen raised shares of Hanover Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday. Piper Sandler initiated coverage on shares of Hanover Bancorp in a report on Friday, July 10th. They set an “overweight” rating and a $26.50 price objective for the company. Finally, Zacks Research upgraded shares of Hanover Bancorp to a “hold” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus 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.