Short Interest in Hanover Bancorp, Inc. (NASDAQ:HNVR) Drops By 40.7%

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the recipient of a significant decrease in short interest in May. As of May 29th, there was short interest totaling 28,234 shares, a decrease of 40.7% from the May 14th total of 47,609 shares. Based on an average daily trading volume, of 73,549 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.5% of the shares of the stock are sold short.

Insider Activity

In other news, Director Robert Golden sold 1,295 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total value of $30,471.35. Following the sale, the director directly owned 31,702 shares of the company’s stock, valued at approximately $745,948.06. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 4,566 shares of company stock valued at $105,240 over the last quarter. Corporate insiders own 24.38% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in HNVR. BNP Paribas Financial Markets raised its stake in shares of Hanover Bancorp by 219.9% during the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after acquiring an additional 886 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Hanover Bancorp by 3,744.7% during the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after acquiring an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in shares of Hanover Bancorp during the second quarter worth approximately $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Hanover Bancorp during the second quarter worth approximately $59,000. Finally, Russell Investments Group Ltd. purchased a new position in shares of Hanover Bancorp during the third quarter worth approximately $71,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Hanover Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.33.

Hanover Bancorp Price Performance

HNVR traded down $0.75 on Monday, reaching $23.19. The company had a trading volume of 39,439 shares, compared to its average volume of 23,627. The business has a 50 day simple moving average of $22.90 and a 200 day simple moving average of $22.69. The company has a market cap of $165.97 million, a price-to-earnings ratio of 22.09 and a beta of 0.11. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. Hanover Bancorp has a 52-week low of $19.91 and a 52-week high of $24.55.

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Monday, April 27th. The company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $19.11 million for the quarter, compared to the consensus estimate of $19.50 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%.

Hanover Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 18th. Investors of record on Monday, May 11th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Monday, May 11th. Hanover Bancorp’s dividend payout ratio (DPR) is currently 38.10%.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.