Hanover Bancorp (NASDAQ:HNVR) Issues Quarterly Earnings Results

Hanover Bancorp (NASDAQ:HNVR) released its earnings results on Wednesday. The company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01, FiscalAI reports. The company had revenue of $19.28 million for the quarter, compared to analyst estimates of $20.00 million.

Hanover Bancorp Stock Performance

Shares of Hanover Bancorp stock traded down $0.15 during trading hours on Wednesday, hitting $23.27. The company’s stock had a trading volume of 13,056 shares, compared to its average volume of 34,028. The company has a market cap of $164.13 million, a PE ratio of 18.32 and a beta of 0.11. The business has a 50 day moving average price of $25.89 and a two-hundred day moving average price of $23.90. Hanover Bancorp has a 12-month low of $19.91 and a 12-month high of $27.94.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, President Kevin O’Connor acquired 10,000 shares of Hanover Bancorp stock in a transaction that occurred on Thursday, July 30th. The shares were bought at an average cost of $26.88 per share, with a total value of $268,800.00. Following the transaction, the president directly owned 12,300 shares of the company’s stock, valued at $330,624. This trade represents a 434.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 24.38% of the stock is owned by insiders.

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.