Hanover Bancorp, Inc. HNVR shares soared 5.3% in the last trading session to close at $24.12. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 2.6% loss over the past four weeks.
A tariff-relief rally lifted equities yesterday after Donald Trump softened his Greenland-related tariff stance. Hence, HNVR stock, which had slipped for two sessions, rebounded sharply.
This company is expected to post quarterly earnings of $0.51 per share in its upcoming report, which represents a year-over-year change of -1.9%. Revenues are expected to be $19.2 million, up 6.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Hanover Bancorp, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on HNVR going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Hanover Bancorp belongs to the Zacks Banks - Northeast industry. Another stock from the same industry, MVB Financial MVBF, closed the last trading session 5.2% higher at $28.35. Over the past month, MVBF has returned 3.6%.
MVB Financial's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.31. Compared to the company's year-ago EPS, this represents a change of -56.9%. MVB Financial currently boasts a Zacks Rank of #2 (Buy).
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Hanover Bancorp, Inc. (HNVR): Free Stock Analysis Report Mvb Financial Corp. (MVBF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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