Short Interest in Hanover Bancorp, Inc. (NASDAQ:HNVR) Expands By 742.9%

Hanover Bancorp, Inc. (NASDAQ:HNVR) saw a large 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 daily volume of 21,700 shares, the short-interest ratio is presently 2.4 days.

Insider Transactions at Hanover Bancorp

In related news, Director Robert Golden sold 2,500 shares of the company’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total value of $63,750.00. Following the transaction, the director now owns 28,345 shares in the company, valued at approximately $722,797.50. This represents a 8.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 24.76% of the company’s stock.

Institutional Trading of Hanover Bancorp

Hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new position in shares of Hanover Bancorp during the second quarter worth approximately $170,000. Geode Capital Management LLC lifted its position in Hanover Bancorp by 46.5% in the 3rd quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock valued at $779,000 after acquiring an additional 13,803 shares in the last quarter. Finally, Fourthstone LLC purchased a new stake in shares of Hanover Bancorp in the third quarter worth approximately $877,000. Institutional investors own 15.02% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on HNVR shares. Stephens lowered shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 9th. Piper Sandler raised their target price on Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 24th.

Hanover Bancorp Trading Up 1.7 %

Shares of NASDAQ:HNVR traded up $0.37 during mid-day trading on Wednesday, reaching $22.60. 3,660 shares of the company’s stock were exchanged, compared to its average volume of 9,129. The firm has a market capitalization of $161.66 million, a price-to-earnings ratio of 13.70 and a beta of -0.04. Hanover Bancorp has a twelve month low of $13.62 and a twelve month high of $27.14. The business’s fifty day moving average price is $23.24 and its 200-day moving average price is $19.78. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were given a $0.10 dividend. The ex-dividend date was Wednesday, November 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.77%. Hanover Bancorp’s dividend payout ratio (DPR) is currently 24.24%.

Hanover Bancorp Company Profile

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.