Hanover Bancorp (NASDAQ:HNVR) Releases Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Hanover Bancorp (NASDAQ:HNVR) posted its quarterly earnings data on Wednesday. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.03, Zacks reports. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%.

Hanover Bancorp Stock Down 0.2 %

Hanover Bancorp stock opened at $26.74 on Friday. Hanover Bancorp has a 1-year low of $13.62 and a 1-year high of $27.14. The firm has a market capitalization of $191.19 million, a price-to-earnings ratio of 16.11 and a beta of -0.04. The firm’s fifty day moving average price is $24.18 and its two-hundred day moving average price is $20.48. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13.

Hanover Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 19th. Shareholders of record on Wednesday, February 12th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date is Wednesday, February 12th. Hanover Bancorp’s dividend payout ratio (DPR) is 24.10%.

Insider Buying and Selling at Hanover Bancorp

In related news, Director Robert Golden sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total transaction of $63,750.00. Following the transaction, the director now directly owns 28,345 shares of the company’s stock, valued at $722,797.50. This trade represents a 8.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 24.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Stephens cut shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a report on Monday, December 9th. Piper Sandler raised their price target on shares of Hanover Bancorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.