Piper Sandler has adjusted its outlook on Hanover Bancorp, Inc. (NASDAQ: HNVR), increasing the price target to $22.00 from the previous $20.00 while maintaining an Overweight rating on the stock.
The revision followed the company's reported earnings for the third quarter of 2024, which exceeded analyst expectations.
Hanover Bancorp disclosed earnings per share (EPS) of $0.48 for 3Q24. However, after adjusting for one-time items, the core EPS was calculated at $0.50.
The figure surpassed Piper Sandler's estimate by $0.09, a 21% positive variance, and was $0.05 higher than the consensus estimate among other analysts, marking an 11% beat.
The company's core results reflected a return on assets (ROA) of 64 basis points and a return on tangible common equity (ROTCE) of 8.6%. These metrics underscored what Piper Sandler considered a robust quarter for Hanover Bancorp.
The analyst from Piper Sandler expressed a positive outlook on the stock's performance, suggesting that the shares are poised for favorable movement in the market on Friday.
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