Hanover Bancorp (NASDAQ:HNVR) Announces Earnings Results

Hanover Bancorp (NASDAQ:HNVR) announced its quarterly earnings data on Wednesday. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.34), Zacks reports. Hanover Bancorp had a net margin of 8.70% and a return on equity of 6.33%. The business had revenue of $37.04 million during the quarter, compared to analysts’ expectations of $16.30 million.

Hanover Bancorp Price Performance

HNVR stock traded down $1.09 during trading on Friday, hitting $16.56. 1,913 shares of the company’s stock traded hands, compared to its average volume of 6,686. Hanover Bancorp has a 52 week low of $13.62 and a 52 week high of $18.86. The stock has a market capitalization of $120.06 million, a price-to-earnings ratio of 8.45 and a beta of -0.23. The business has a fifty day simple moving average of $16.55 and a 200 day simple moving average of $16.47. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04.

Hanover Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Wednesday, August 7th. Hanover Bancorp’s dividend payout ratio is presently 20.41%.

Analysts Set New Price Targets

Separately, Piper Sandler upped their price target on Hanover Bancorp from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Thursday.

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.