Hanover Bancorp (NASDAQ:HNVR) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Hanover Bancorp (NASDAQ:HNVR) posted its earnings results on Wednesday. The company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01, FiscalAI reports. The business had revenue of $19.28 million for the quarter, compared to the consensus estimate of $20.00 million. Hanover Bancorp had a net margin of 7.33% and a return on equity of 6.44%.

Hanover Bancorp Price Performance

Hanover Bancorp stock traded down $0.11 during mid-day trading on Friday, hitting $23.49. The company’s stock had a trading volume of 3,207 shares, compared to its average volume of 33,965. The stock’s fifty day moving average price is $25.73 and its two-hundred day moving average price is $23.90. The stock has a market capitalization of $165.86 million, a P/E ratio of 16.80 and a beta of 0.11. Hanover Bancorp has a twelve month low of $20.00 and a twelve month high of $27.94. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.17.

Hanover Bancorp Dividend Announcement

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on HNVR shares. Wall Street Zen raised Hanover Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, October 5th. Weiss Ratings downgraded shares of Hanover Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. Zacks Research upgraded shares of Hanover Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 2nd. Piper Sandler raised their target price on Hanover Bancorp from $26.50 to $28.50 and gave the company an “overweight” rating in a research report on Monday, July 27th. Finally, Raymond James Financial began coverage on Hanover Bancorp in a research note on Wednesday, August 26th. They set a “market perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Hanover Bancorp has an average rating of “Buy” and a consensus 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.