Canopy Growth stock tumbles after announcing $200 million share sale plan
Investing.com - Stephens lowered its price target on Hanover Bancorp , Inc. (NASDAQ:HNVR) to $22.50 from $23.50 while maintaining an Equal Weight rating on Tuesday. According to InvestingPro data, the $157.59M market cap bank currently trades at 14.5x earnings, with analysis suggesting the stock is undervalued.
The price target reduction follows Hanover Bancorp’s second quarter results, which Stephens described as "a bit of a mixed bag," highlighted by an earnings per share miss driven by lower net interest income, reduced fee income, and a higher provision of $3.5 million. InvestingPro data shows that two analysts have revised their earnings downward for the upcoming period, though the company maintains profitability with 9.73% revenue growth over the last twelve months.
The firm noted some positive developments in the quarter, including lower-than-anticipated expenses and improved deposit mix with demand deposits increasing 13% quarter-over-quarter to represent 12.5% of total deposits.
Following the earnings report, Stephens lowered its 2025 and 2026 operating EPS estimates by 14% and 6% to $1.92 and $2.82, respectively, citing lower net interest margin estimates and reduced fee income.
The research firm indicated it would need to see improvements in overall deposit cost and composition, along with stronger profitability levels, to become more constructive on Hanover Bancorp, noting its 2025 and 2026 return on assets estimates now stand at 0.61% and 0.84%, compared to similarly valued peers at approximately 0.80% and 1.05%.
In other recent news, Hanover Bancorp, Inc. held its Annual Meeting of Shareholders on April 30, 2025. During the meeting, shareholders re-elected four directors to the board, including Michael P. Puorro, Metin Negrin, Elena Sisti, and Michael Thaden, each for a three-year term. The election results were clear, with Puorro receiving 4,993,403 votes in favor, Negrin receiving 5,081,371 votes, Sisti securing 4,645,113 votes, and Thaden receiving 5,286,764 votes. Additionally, shareholders ratified the company’s independent auditor for the year. These developments reflect the company’s ongoing governance and oversight activities. The meeting did not address any mergers or acquisitions, nor were there any analyst upgrades or downgrades reported. The election and audit ratification are part of Hanover Bancorp’s routine corporate governance practices. These actions are essential for maintaining the company’s operational and strategic direction.
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