Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Update

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the recipient of a significant increase in short interest in December. As of December 31st, there was short interest totalling 53,100 shares, an increase of 742.9% from the December 15th total of 6,300 shares. Currently, 1.3% of the company’s stock are short sold. Based on an average trading volume of 21,700 shares, the days-to-cover ratio is currently 2.4 days.

Analyst Upgrades and Downgrades

Several research firms have commented on HNVR. Stephens lowered shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th. Piper Sandler increased their price target on Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th.

Hanover Bancorp Stock Performance

HNVR traded down $0.08 during trading on Monday, hitting $21.49. 3,880 shares of the company traded hands, compared to its average volume of 7,400. Hanover Bancorp has a one year low of $13.62 and a one year high of $27.14. The stock’s fifty day moving average is $23.16 and its 200 day moving average is $19.71. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The firm has a market cap of $153.72 million, a P/E ratio of 13.02 and a beta of -0.04.

Hanover Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.86%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 24.24%.

Insider Activity

In other news, Director Robert Golden sold 2,500 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $25.50, for a total value of $63,750.00. Following the completion of the sale, the director now directly owns 28,345 shares of the company’s stock, valued at $722,797.50. This represents a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in Hanover Bancorp by 46.5% in the third quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock valued at $779,000 after purchasing an additional 13,803 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Hanover Bancorp in the second quarter valued at approximately $170,000. Finally, Fourthstone LLC purchased a new position in Hanover Bancorp in the third quarter valued at approximately $877,000. Hedge funds and other institutional investors own 15.02% of the company’s stock.

About Hanover Bancorp

Hanover Bancorp, Inc, a bank holding company for Hanover Community Bank, provides personal and business lending and deposit services to businesses, municipalities, and individuals in the New York metro area. The company offers checking, credit cards, debit cards, money market, savings, government and municipal banking, and professional services, as well as time deposits, including certificate of deposit and individual retirement accounts.