Following this transaction, Katz holds 149,279 shares directly, with additional indirect holdings including 25 shares held as custodian for his grandchild and 96,760 shares held by a trust in which he is a beneficiary. With the company currently appearing overvalued according to InvestingPro Fair Value metrics and technical indicators suggesting overbought conditions, investors seeking deeper insights can access 8 additional ProTips and comprehensive financial analysis through InvestingPro's advanced platform. With the company currently appearing overvalued according to InvestingPro Fair Value metrics and technical indicators suggesting overbought conditions, investors seeking deeper insights can access 8 additional ProTips and comprehensive financial analysis through InvestingPro's advanced platform. Following this transaction, Katz holds 149,279 shares directly, with additional indirect holdings including 25 shares held as custodian for his grandchild and 96,760 shares held by a trust in which he is a beneficiary.
In other recent news, Hanover Bancorp has seen a flurry of activity. The company reported earnings for the third quarter of 2024 that surpassed analyst expectations. Hanover Bancorp disclosed an earnings per share (EPS) of $0.48, which after adjusting for one-time items, equated to a core EPS of $0.50, surpassing Piper Sandler's estimate by $0.09. This positive variance of 21% and an 11% beat over the consensus estimate led Piper Sandler to increase the price target on Hanover Bancorp's stock to $22.00, while maintaining an Overweight rating.
In terms of governance, Hanover Bancorp announced the appointment of Michael Thaden as a director, a move that came as a result of an agreement with Castle Creek Capital Partners (WA:CPAP) VIII, LP. Thaden's appointment is effective immediately and extends until the company's 2025 Annual Meeting of Shareholders. Thaden will also join the Board of Directors of Hanover Community Bank, a wholly owned subsidiary of Hanover Bancorp.
On the financial front, Hanover Bancorp reported a second-quarter net income of $0.8 million, or $0.11 per diluted share, a decrease from the previous year's $3.1 million, or $0.42 per diluted share. Despite this decline, Piper Sandler maintains an Overweight rating on the stock, indicating long-term confidence in the bank's potential.
Finally, Hanover Bancorp announced a new employment agreement with Executive Vice President and Chief Financial Officer, Lance P. Burke, and plans to open a full-service branch in Port Jefferson, New York, expected to be operational by the fourth quarter of 2024. These recent developments highlight Hanover Bancorp's ongoing strategic initiatives.
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