Hanover Bancorp, Inc. (HNVR) Q3 Earnings and Revenues Beat Estimates

Core Insights - Hanover Bancorp, Inc. (HNVR) reported quarterly earnings of $0.50 per share, exceeding the Zacks Consensus Estimate of $0.41 per share, and showing an increase from $0.38 per share a year ago, representing an earnings surprise of 21.95% [1] - The company generated revenues of $17.06 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.13% and increasing from $15.51 million year-over-year [1] - Hanover Bancorp has outperformed consensus EPS estimates three times in the last four quarters and has topped consensus revenue estimates four times in the same period [1] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $17.2 million, while the estimate for the current fiscal year is $1.56 on revenues of $67.3 million [4] - The estimate revisions trend for Hanover Bancorp is currently unfavorable, resulting in a Zacks Rank 5 (Strong Sell), indicating expected underperformance in the near future [4] Industry Context - The Banks - Northeast industry, to which Hanover Bancorp belongs, is currently in the top 20% of over 250 Zacks industries, suggesting a favorable industry outlook [5] - Another company in the same industry, Eastern Bankshares, Inc. (EBC), is expected to report quarterly earnings of $0.33 per share, reflecting a year-over-year increase of 3.1%, with revenues projected at $215.92 million, up 38.1% from the previous year [5]