Hanover Bancorp (NASDAQ:HNVR) Issues Earnings Results

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

Hanover Bancorp Stock Up 3.5 %

Shares of NASDAQ:HNVR opened at $17.14 on Friday. The stock has a market capitalization of $124.27 million, a price-to-earnings ratio of 8.74 and a beta of -0.23. The stock has a fifty day simple moving average of $16.56 and a two-hundred day simple moving average of $16.47. Hanover Bancorp has a 12-month low of $13.62 and a 12-month high of $18.86. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13.

Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Wednesday, August 7th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Wednesday, August 7th. Hanover Bancorp’s payout ratio is 20.41%.

Analyst Upgrades and Downgrades

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

About Hanover Bancorp

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.