Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Up 6.8% in October

Hanover Bancorp, Inc. (NASDAQ:HNVR) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 7,900 shares, an increase of 6.8% from the October 15th total of 7,400 shares. Based on an average trading volume of 7,600 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.2% of the shares of the company are sold short.

Analysts Set New Price Targets

Separately, Piper Sandler increased their price objective on shares of Hanover Bancorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 24th.

Hanover Bancorp Stock Performance

HNVR traded down $0.18 during trading hours on Tuesday, hitting $21.20. The company’s stock had a trading volume of 20,316 shares, compared to its average volume of 13,227. The company has a 50-day simple moving average of $19.16 and a 200 day simple moving average of $17.67. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $151.58 million, a PE ratio of 12.85 and a beta of -0.26. Hanover Bancorp has a fifty-two week low of $13.62 and a fifty-two week high of $22.04.

Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date was Wednesday, November 6th. Hanover Bancorp’s dividend payout ratio is currently 24.24%.

Hedge Funds Weigh In On Hanover Bancorp

Several large investors have recently bought and sold shares of HNVR. Renaissance Technologies LLC bought a new position in shares of Hanover Bancorp in the second quarter valued at approximately $170,000. Geode Capital Management LLC boosted its stake in Hanover Bancorp by 46.5% during the 3rd 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 in the last quarter. Finally, Fourthstone LLC acquired a new position in shares of Hanover Bancorp during the 3rd quarter valued at $877,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

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.