Hanover Bancorp Appoints William Newham as Executive VP
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 22h ago
0mins
Hanover Bancorp announced the appointment of William Newham to the position of executive VP and chief commercial real estate lending officer.
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Analyst Views on HNVR
Wall Street analysts forecast HNVR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for HNVR is 27.00 USD with a low forecast of 27.00 USD and a high forecast of 27.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 23.950
Low
27.00
Averages
27.00
High
27.00
Current: 23.950
Low
27.00
Averages
27.00
High
27.00
About HNVR
Hanover Bancorp, Inc. is the bank holding company for Hanover Community Bank (the Bank). The Bank is a community commercial bank which offers a full range of financial services. The Bank offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. It also offers its customers access to 24-hour automated teller machine (ATM) service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and Internet banking for its consumer and business customers, safe deposit boxes and much more. Its corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Port Jefferson, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Hanover Bancorp Reports Disappointing Earnings
- Earnings Miss: Hanover Bancorp's FY Non-GAAP EPS of $1.35 falls short by $0.51, indicating pressure on profitability that may undermine investor confidence.
- Revenue Shortfall: The reported revenue of $73.32 million misses expectations by $0.28 million, reflecting weak market demand that could lead to a slowdown in future growth.
- Financial Overview: The financial data from Hanover Bancorp reveals overall poor performance, potentially prompting analysts to reassess future projections, which could impact stock price movements.
- Dividend Scorecard: Despite the disappointing earnings report, Hanover Bancorp's dividend score remains attractive to some investors, but declining profitability may negatively affect future dividend policies.
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Hanover Bancorp Appoints New Executive Vice President for CRE Lending
- Executive Appointment: Hanover Bank has appointed William J. Newham, III as Executive Vice President and Chief Commercial Real Estate Lending Officer, leveraging over 20 years of commercial real estate banking experience to enhance the bank's competitiveness in the CRE lending sector.
- Market Positioning: Newham's deep market knowledge of Long Island and the New York metro area will assist Hanover Bank in addressing the CRE lending gap created by industry consolidation, further promoting a client-focused banking approach.
- Growth Strategy: Michael P. Puorro, Chairman and CEO of Hanover Bank, stated that Newham's appointment reflects the company's ongoing commitment to disciplined growth and relationship-based banking, aiming to enhance deposit growth and CRE lending.
- Client Relationships: Newham emphasizes the importance of building strong client connections and plans to support Hanover Bank's expansion in Suffolk County and Long Island by providing personalized commercial lending solutions.
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