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

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totalling 53,100 shares, a growth of 742.9% from the December 31st total of 6,300 shares. Based on an average daily volume of 21,700 shares, the short-interest ratio is currently 2.4 days. Currently, 1.3% of the company's shares are short sold.

Insider Activity at Hanover Bancorp

In other news, Director Robert Golden sold 2,500 shares of the firm's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $25.50, for a total value of $63,750.00. Following the completion of the transaction, the director now owns 28,345 shares of the company's stock, valued at approximately $722,797.50. This trade represents a 8.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 24.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Hanover Bancorp

Hedge funds have recently bought and sold shares of the company. Renaissance Technologies LLC purchased a new stake in shares of Hanover Bancorp in the second quarter valued at about $170,000. Geode Capital Management LLC lifted its stake 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 buying an additional 13,803 shares in the last quarter. Finally, Fourthstone LLC purchased a new stake in Hanover Bancorp in the 3rd quarter valued at approximately $877,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

Hanover Bancorp Stock Performance

Hanover Bancorp stock traded down $0.21 during trading hours on Friday, reaching $26.59. 12,084 shares of the stock were exchanged, compared to its average volume of 14,220. Hanover Bancorp has a 52-week low of $13.62 and a 52-week high of $27.14. The stock has a market cap of $190.20 million, a P/E ratio of 16.02 and a beta of -0.04. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03. The firm's 50 day moving average is $24.23 and its 200 day moving average is $20.57.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last released its earnings results on Wednesday, January 29th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.03. Hanover Bancorp had a return on equity of 6.71% and a net margin of 8.32%. Analysts predict that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 19th. Stockholders of record on Wednesday, February 12th will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, February 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.50%. Hanover Bancorp's payout ratio is 24.10%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Stephens cut 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 stock an "overweight" rating in a research report on Thursday, October 24th.

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.