Buy Or Sell Opportunity • Jun 04
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to US$23.60. The fair value is estimated to be US$19.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 30% in a year. Earnings are forecast to grow by 123% in the next year. Recent Insider Transactions • May 24
Lead Independent Director recently sold US$75k worth of stock On the 20th of May, Robert Golden sold around 3k shares on-market at roughly US$22.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$209k more than they bought in the last 12 months. Buy Or Sell Opportunity • May 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to US$23.01. The fair value is estimated to be US$19.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 30% in a year. Earnings are forecast to grow by 123% in the next year. Recent Insider Transactions Derivative • May 11
Lead Independent Director exercised options to buy US$233k worth of stock. On the 6th of May, Robert Golden exercised options to buy 10k shares at a strike price of around US$13.00, costing a total of US$130k. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. Since December 2025, Robert's direct individual holding has increased from 410.86k shares to 421.25k. Company insiders have collectively sold US$19k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • May 04
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$83.1m to US$81.0m. EPS estimate also fell from US$2.49 per share to US$2.11 per share. Net income forecast to grow 123% next year vs 13% growth forecast for Banks industry in the US. Consensus price target up from US$23.50 to US$24.25. Share price rose 3.9% to US$23.25 over the past week. Declared Dividend • Apr 30
First quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 11th May 2026 Payment date: 18th May 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to grow by 49% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: US$0.25 (up from US$0.20 in 1Q 2025). Revenue: US$18.6m (up 4.6% from 1Q 2025). Net income: US$1.87m (up 27% from 1Q 2025). Profit margin: 10% (up from 8.3% in 1Q 2025). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 53%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Duyuru • Apr 24
Hanover Bancorp, Inc., Annual General Meeting, May 28, 2026 Hanover Bancorp, Inc., Annual General Meeting, May 28, 2026. Location: meetnow.global/mgyktw7, United States Duyuru • Mar 26
Hanover Bancorp, Inc. announced that it has received $35 million in funding On March 26, 2026, Hanover Bancorp, Inc. closed the transaction. The transaction included participation from 17 investors. Reported Earnings • Mar 16
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$1.01 (down from US$1.67 in FY 2024). Revenue: US$62.9m (flat on FY 2024). Net income: US$7.29m (down 39% from FY 2024). Profit margin: 12% (down from 19% in FY 2024). Net interest margin (NIM): 2.75% (up from 2.44% in FY 2024). Non-performing loans: 1.08% (up from 0.82% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Duyuru • Feb 20
Hanover Bancorp, Inc. and Hanover Community Bank Announces Executive Changes Hanover Bancorp, Inc. announced that on February 12, 2026, the Board of Directors appointed Michael Puorro, the Chairman and Chief Executive Officer of the Company and the Bank, as the President of the Company and the Bank, effective february 12, 2026 following McClelland "Mac" Wilcox's last day of employment. McClelland "Mac" Wilcox, President of the Company and the Bank, will be leaving the Company and the Bank in connection with a management restructuring initiative. Mr. Wilcox's last day with the Company and the Bank will be March 31, 2026, unless sooner under the terms of the Amended and Restated Employment Agreement by and between Mr. Wilcox and the Bank, dated as of April 27, 2023. On February 12, 2026, the Board of Directors of Hanover Bancorp, Inc. and its wholly-owned bank subsidiary, Hanover Community Bank, approved a Transition Agreement and General Release for McClelland "Mac" Wilcox, President of the Company and the Bank. Declared Dividend • Feb 02
Fourth quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 12th February 2026 Payment date: 26th February 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (40% payout ratio) and is expected to be well covered in 3 years' time (13% forecast payout ratio). The dividend has not increased over the past 4 years but payments have been stable during that time. EPS is expected to grow by 110% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$1.00 (down from US$1.67 in FY 2024). Revenue: US$62.9m (flat on FY 2024). Net income: US$7.49m (down 37% from FY 2024). Profit margin: 12% (down from 19% in FY 2024). Net interest margin (NIM): 2.75% (up from 2.44% in FY 2024). Non-performing loans: 1.08% (up from 0.82% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 34%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jan 07
Now 20% undervalued Over the last 90 days, the stock has risen 2.3% to US$22.50. The fair value is estimated to be US$28.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 107% in the next 2 years. Buy Or Sell Opportunity • Nov 17
Now 21% undervalued Over the last 90 days, the stock has risen 2.5% to US$21.81. The fair value is estimated to be US$27.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 36% in 2 years. Earnings are forecast to grow by 107% in the next 2 years. Recent Insider Transactions • Nov 07
Lead Independent Director recently sold US$106k worth of stock On the 4th of November, Robert Golden sold around 5k shares on-market at roughly US$21.25 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.3m more than they bought in the last 12 months. Declared Dividend • Nov 03
Third quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 13th November 2025 Payment date: 20th November 2025 Dividend yield will be 1.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (26% payout ratio) and is expected to be well covered in 3 years' time (13% forecast payout ratio). The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to grow by 91% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 31
Third quarter 2025 earnings: EPS in line with expectations, revenues disappoint Third quarter 2025 results: EPS: US$0.47. Revenue: US$16.7m (down 1.0% from 3Q 2024). Net income: US$3.49m (up 1.8% from 3Q 2024). Profit margin: 21% (in line with 3Q 2024). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Banks industry in the US. Buy Or Sell Opportunity • Oct 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to US$20.72. The fair value is estimated to be US$26.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 20% in a year. Earnings are forecast to grow by 45% in the next year. Buy Or Sell Opportunity • Oct 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.0% to US$20.63. The fair value is estimated to be US$25.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 20% in a year. Earnings are forecast to grow by 45% in the next year. Buy Or Sell Opportunity • Aug 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to US$21.24. The fair value is estimated to be US$26.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 38%. Revenue is forecast to grow by 20% in a year. Earnings are forecast to grow by 44% in the next year. Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$78.4m to US$75.7m. EPS estimate also fell from US$1.98 per share to US$1.57 per share. Net income forecast to grow 44% next year vs 15% growth forecast for Banks industry in the US. Consensus price target down from US$25.25 to US$23.75. Share price fell 6.1% to US$21.17 over the past week. Declared Dividend • Jul 27
Second quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 6th August 2025 Payment date: 13th August 2025 Dividend yield will be 1.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to grow by 42% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: US$0.33 (up from US$0.12 in 2Q 2024). Revenue: US$16.0m (up 25% from 2Q 2024). Net income: US$2.44m (up 197% from 2Q 2024). Profit margin: 15% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Jul 24
Hanover Bancorp, Inc. Declares Cash Dividend on Common Shares, Payable on August 13, 2025 Hanover Bancorp, Inc. announced the declaration of a $0.10 per share cash dividend on common shares, payable on August 13, 2025 to stockholders of record on August 6, 2025. Buy Or Sell Opportunity • Jul 11
Now 20% undervalued Over the last 90 days, the stock has risen 19% to US$22.73. The fair value is estimated to be US$28.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 36%. Revenue is forecast to grow by 25% in a year. Earnings are forecast to grow by 75% in the next year. Recent Insider Transactions • May 08
Lead Independent Director recently sold US$125k worth of stock On the 5th of May, Robert Golden sold around 5k shares on-market at roughly US$23.42 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$692k more than they bought in the last 12 months. Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$81.1m to US$79.0m. EPS estimate also fell from US$2.29 per share to US$2.02 per share. Net income forecast to grow 80% next year vs 13% growth forecast for Banks industry in the US. Consensus price target broadly unchanged at US$25.25. Share price rose 6.1% to US$23.29 over the past week. Duyuru • Apr 24
Hanover Bancorp, Inc. announces Quarterly dividend, payable on May 14, 2025 Hanover Bancorp, Inc. announced Quarterly dividend of USD 0.1000 per share payable on May 14, 2025, ex-date on May 07, 2025 and record date on May 07, 2025. Reported Earnings • Apr 23
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.20 (down from US$0.55 in 1Q 2024). Revenue: US$17.8m (up 9.6% from 1Q 2024). Net income: US$1.52m (down 61% from 1Q 2024). Profit margin: 8.6% (down from 24% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 58%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Banks industry in the US. Price Target Changed • Apr 04
Price target decreased by 8.0% to US$25.75 Down from US$28.00, the current price target is an average from 2 analysts. New target price is 33% above last closing price of US$19.38. Stock is up 35% over the past year. The company is forecast to post earnings per share of US$2.29 for next year compared to US$1.67 last year. Duyuru • Mar 27
Hanover Bancorp, Inc., Annual General Meeting, Apr 30, 2025 Hanover Bancorp, Inc., Annual General Meeting, Apr 30, 2025. Location: meetnow.global/mx2znmh, United States Reported Earnings • Mar 20
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$1.67 (down from US$1.86 in FY 2023). Revenue: US$63.5m (up 5.0% from FY 2023). Net income: US$12.0m (down 8.8% from FY 2023). Profit margin: 19% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Non-performing loans: 0.82% (up from 0.74% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Recent Insider Transactions Derivative • Feb 06
Lead Independent Director notifies of intention to sell stock Robert Golden intends to sell 20k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of February. If the sale is conducted around the recent share price of US$26.41, it would amount to US$528k. Since March 2024, Robert's direct individual holding has decreased from 456.54k shares to 450.60k. Company insiders have collectively sold US$265k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Feb 05
Lead Independent Director recently sold US$127k worth of stock On the 3rd of February, Robert Golden sold around 5k shares on-market at roughly US$26.63 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$128k. Insiders have been net sellers, collectively disposing of US$200k more than they bought in the last 12 months. Price Target Changed • Feb 03
Price target increased by 9.8% to US$28.00 Up from US$25.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$26.80. Stock is up 50% over the past year. The company is forecast to post earnings per share of US$2.33 for next year compared to US$1.67 last year. Declared Dividend • Jan 31
Fourth quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 12th February 2025 Payment date: 19th February 2025 Dividend yield will be 1.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (22% payout ratio) and is expected to be well covered in 3 years' time (13% forecast payout ratio). The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to grow by 71% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jan 30
Hanover Bancorp, Inc. Approves Cash Dividend on Common Share, Payable on February 19, 2025 Hanover Bancorp, Inc. approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on February 19, 2025 to stockholders of record on February 12, 2025. Reported Earnings • Jan 29
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$1.67 (down from US$2.06 in FY 2023). Revenue: US$63.5m (up 1.0% from FY 2023). Net income: US$12.3m (down 15% from FY 2023). Profit margin: 19% (down from 23% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Price Target Changed • Dec 16
Price target increased by 13% to US$25.50 Up from US$22.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$25.39. Stock is up 47% over the past year. The company is forecast to post earnings per share of US$1.62 for next year compared to US$2.06 last year. Recent Insider Transactions • Dec 12
Lead Independent Director recently sold US$64k worth of stock On the 10th of December, Robert Golden sold around 3k shares on-market at roughly US$25.50 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$126k more than they sold in the last 12 months. Recent Insider Transactions Derivative • Dec 11
Independent Director notifies of intention to sell stock Michael Katz intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of December. If the sale is conducted around the recent share price of US$25.53, it would amount to US$128k. Since March 2024, Michael's direct individual holding has increased from 244.05k shares to 251.10k. Company insiders have collectively sold US$69k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Dec 10
Price target increased by 9.3% to US$23.50 Up from US$21.50, the current price target is an average from 2 analysts. New target price is 7.6% below last closing price of US$25.42. Stock is up 44% over the past year. The company is forecast to post earnings per share of US$1.62 for next year compared to US$2.06 last year. Price Target Changed • Nov 19
Price target increased by 9.8% to US$22.50 Up from US$20.50, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of US$22.40. Stock is up 26% over the past year. The company is forecast to post earnings per share of US$1.62 for next year compared to US$2.06 last year. New Risk • Nov 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Oct 27
Second quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 6th November 2024 Payment date: 13th November 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (20% payout ratio) and is expected to be well covered in 3 years' time (15% forecast payout ratio). The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to grow by 90% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Oct 25
Hanover Bancorp, Inc. Reports Net Charge Offs for the Third Quarter Ended September 30, 2024 Hanover Bancorp, Inc. reported net charge offs for the third quarter ended September 30, 2024. For the quarter, the company reported net charge offs of $438,000. Duyuru • Oct 24
Hanover Bancorp, Inc. Declares Quarterly Cash Dividend on Common Shares, Payable on November 13, 2024 The Board of Directors of Hanover Bancorp, Inc. declared a $0.10 per share cash dividend on common shares, payable on November 13, 2024 to stockholders of record on November 6, 2024. Price Target Changed • Oct 11
Price target increased by 11% to US$20.50 Up from US$18.50, the current price target is an average from 2 analysts. New target price is 7.9% above last closing price of US$19.00. Stock is up 5.7% over the past year. The company posted earnings per share of US$2.07 last year. Duyuru • Sep 26
Hanover Bancorp, Inc. Appoints Michael Thaden as Director On September 25, 2024, the Board of Directors of Hanover Bancorp, Inc. appointed Michael Thaden as a director of the Company, effective immediately. Mr. Thaden will serve with a term expiring at the Company’s 2025 Annual Meeting of Shareholders. Recent Insider Transactions Derivative • Aug 28
Independent Director exercised options and sold US$8.1m worth of stock On the 26th of August, Ahron Haspel exercised 8.14k options at around US$10.00, then sold 5k of the shares acquired at an average of US$1,750 per share and kept the remainder. Since December 2023, Ahron's direct individual holding has increased from 60.18k shares to 62.30k. Company insiders have collectively sold US$8.0m more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Jul 28
Second quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 7th August 2024 Payment date: 14th August 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover. Duyuru • Jul 25
Hanover Bancorp, Inc. Declares Quarterly Cash Dividend, Payable on August 14, 2024 Hanover Bancorp, Inc.’s Board of Directors approved a $0.10 per share cash dividend on common shares payable on August 14, 2024 to stockholders of record on August 7, 2024. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 7 highly experienced directors. Independent Director Metin Negrin was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$16.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Banks industry in the US. Total loss to shareholders of 4.1% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$32.57 per share. Declared Dividend • Apr 19
Second quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 7th May 2024 Payment date: 15th May 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to grow by 19% over the next year, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Apr 19
Price target decreased by 7.5% to US$18.50 Down from US$20.00, the current price target is an average from 2 analysts. New target price is 23% above last closing price of US$15.05. Stock is down 17% over the past year. The company is forecast to post earnings per share of US$2.05 for next year compared to US$2.07 last year. Reported Earnings • Apr 17
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.55 (up from US$0.44 in 2Q 2023). Revenue: US$16.2m (up 9.9% from 2Q 2023). Net income: US$4.06m (up 32% from 2Q 2023). Profit margin: 25% (up from 21% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Duyuru • Apr 17
Hanover Bancorp, Inc. Approves Cash Dividend, Payable on May 15, 2024 Hanover Bancorp, Inc. announced that the Board of Directors approved a $0.10 per share cash dividend on common shares payable on May 15, 2024 to stockholders of record on May 8, 2024. New Risk • Apr 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.9m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (22% net profit margin). Market cap is less than US$100m (US$99.9m market cap). Recent Insider Transactions Derivative • Apr 10
Independent Director exercised options to buy US$100k worth of stock. On the 9th of April, Michael Katz exercised options to buy 7k shares at a strike price of around US$10.00, costing a total of US$71k. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. Since December 2023, Michael's direct individual holding has increased from 241.23k shares to 244.05k. Company insiders have collectively sold US$32k more than they bought, via options and on-market transactions in the last 12 months. Duyuru • Feb 10
Hanover Bancorp, Inc., Annual General Meeting, Mar 05, 2024 Hanover Bancorp, Inc., Annual General Meeting, Mar 05, 2024, at 09:00 US Eastern Standard Time. Agenda: To consider the election of three (3) directors to the Company’s Board of Directors, each to serve for the term described in the accompanying Proxy Statement; to approve a change in our state of incorporation from New York to Maryland by means of merger of the Company with and into a newly formed, wholly-owned subsidiary Maryland corporation (we sometimes refer to such reincorporation merger herein as the “Reincorporation”); to approve, as part of the Reincorporation, the adoption of an amendment to the Maryland charter that provides the board of directors the ability to increase or decrease the number of authorized shares and the number of shares of any class or series of the Company’s capital stock without shareholder action; to ratify the appointment of Crowe LLP as the Company’s independent registered public accountants for the next (2024) fiscal year; and to consider other matters. Upcoming Dividend • Jan 30
Upcoming dividend of US$0.10 per share at 2.2% yield Eligible shareholders must have bought the stock before 06 February 2024. Payment date: 14 February 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.6%). Lower than average of industry peers (3.2%). Declared Dividend • Jan 28
First quarter dividend of US$0.10 announced Dividend of US$0.10 is the same as last year. Ex-date: 6th February 2024 Payment date: 14th February 2024 Dividend yield will be 2.2%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has not increased over the past 2 years but payments have been stable during that time. EPS is expected to grow by 14% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 26
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.51 (down from US$0.73 in 1Q 2023). Revenue: US$15.7m (up 3.5% from 1Q 2023). Net income: US$3.76m (down 27% from 1Q 2023). Profit margin: 24% (down from 34% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.7%. Earnings per share (EPS) also surpassed analyst estimates by 82%. Duyuru • Jan 25
Hanover Bancorp, Inc. Approves Cash Dividend on Common Shares, Payable on February 14, 2024 Hanover Bancorp, Inc. approved a $0.10 per share cash dividend on common shares payable on February 14, 2024 to stockholders of record on February 7, 2024. Recent Insider Transactions Derivative • Dec 30
President & Chief Revenue Officer exercised options and sold US$243k worth of stock On the 26th of December, McClelland Wilcox exercised 29.90k options at around US$4.46, then sold 19k of the shares acquired at an average of US$17.40 per share and kept the remainder. Since March 2023, McClelland has owned 65.20k shares directly. Company insiders have collectively sold US$174k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Dec 26
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$2.07 (down from US$3.74 in FY 2022). Revenue: US$59.9m (down 8.8% from FY 2022). Net income: US$14.6m (down 36% from FY 2022). Profit margin: 24% (down from 35% in FY 2022). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 2.85% (down from 4.18% in FY 2022). Non-performing loans: 0.81% (down from 0.83% in FY 2022). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Duyuru • Nov 17
Hanover Bancorp Announces Joseph Burns as Its New Executive Vice President and Chief Lending Officer Hanover Bancorp, announced the appointment of Mr. Joseph Burns to the position of Executive Vice President, Chief Lending Officer, effective immediately. In his new role Mr. Burns will lead the Bank's commercial banking expansion with an emphasis on relationship-based business deposit and loan growth on Long Island and across the New York metro market. Among other responsibilities, Mr. Burns will work closely with executive management to define the Bank's commercial banking goals and strategies, develop and launch new products and expand into new markets. Joseph BurnsMr. Burns joins Hanover Bank from Valley Bank where most recently he served as Regional President - New York State Commercial Banking. In this position, Mr. Burns led Valley's New York commercial banking operation managing a diversified portfolio of $3.5B in loan commitments. His talents include collaboration in setting strategic direction to drive performance and creating solutions to meet the needs of the communities serve. Joe earned his BBA in Management from Adelphi University. He serves on the Board of Directors of New Ground, Inc., a not-for-profit organization on Long Island. He is also a member of the Long Island Association and the Queens Chamber of Commerce. Mr. Burns is a past Board Member of the Real Estate Practitioners Institute, Robert Morris Associates, Lady of Lourdes Catholic Youth Organization, and Malverne Little League. Mr. Burns and his wife are life-long Long Island residents and are the proud parents of three adult children. Upcoming Dividend • Oct 31
Upcoming dividend of US$0.10 per share at 2.2% yield Eligible shareholders must have bought the stock before 07 November 2023. Payment date: 15 November 2023. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (5.4%). Lower than average of industry peers (4.1%). New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.5% per year for the foreseeable future. Minor Risk Short dividend paying track record (1 year of continuous dividend payments). Reported Earnings • Oct 27
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$2.07 (down from US$3.74 in FY 2022). Revenue: US$59.9m (down 8.8% from FY 2022). Net income: US$15.2m (down 33% from FY 2022). Profit margin: 25% (down from 35% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Duyuru • Oct 27
Hanover Bancorp, Inc. Approves Cash Dividend on Common Shares, Payable on November 15, 2023 Hanover Bancorp, Inc. approved a $0.10 per share cash dividend on common shares payable on November 15, 2023 to stockholders of record on November 8, 2023. New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 29% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Short dividend paying track record (1 year of continuous dividend payments). Upcoming Dividend • Aug 01
Upcoming dividend of US$0.10 per share at 2.2% yield Eligible shareholders must have bought the stock before 08 August 2023. Payment date: 16 August 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.4%). Duyuru • Jul 29
Hanover Bancorp, Inc. to Report Q3, 2023 Results on Jul 27, 2023 Hanover Bancorp, Inc. announced that they will report Q3, 2023 results at 9:30 AM, US Eastern Standard Time on Jul 27, 2023 Reported Earnings • Jul 28
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: US$0.42 (down from US$0.81 in 3Q 2022). Revenue: US$15.0m (down 4.3% from 3Q 2022). Net income: US$3.09m (down 42% from 3Q 2022). Profit margin: 21% (down from 34% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Price Target Changed • Jul 17
Price target decreased by 11% to US$20.00 Down from US$22.50, the current price target is an average from 2 analysts. New target price is 12% above last closing price of US$17.81. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of US$1.93 for next year compared to US$3.73 last year. Upcoming Dividend • May 02
Upcoming dividend of US$0.10 per share at 2.2% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 3.6% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (3.6%). Reported Earnings • May 01
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.46 (down from US$1.02 in 2Q 2022). Revenue: US$14.7m (down 13% from 2Q 2022). Net income: US$3.21m (down 45% from 2Q 2022). Profit margin: 22% (down from 35% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Banks industry in the US.