Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Up 742.9% in December

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) saw a significant increase in short interest during the month of 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. Based on an average daily volume of 21,700 shares, the short-interest ratio is presently 2.4 days. Approximately 1.3% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

HNVR has been the topic of a number of recent research reports. Piper Sandler increased their price target on shares of Hanover Bancorp from $20.00 to $22.00 and gave the company an "overweight" rating in a research report on Thursday, October 24th. Stephens lowered shares of Hanover Bancorp from an "overweight" rating to an "equal weight" rating in a report on Monday, December 9th.

Insider Buying and Selling

In other news, Director Robert Golden sold 2,500 shares of the company's stock in a transaction dated 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 transaction, the director now directly owns 28,345 shares in the company, valued at approximately $722,797.50. This represents a 8.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 24.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Fourthstone LLC purchased a new stake in Hanover Bancorp in the third quarter worth $877,000. Geode Capital Management LLC boosted its stake in shares of 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, Renaissance Technologies LLC purchased a new position in shares of Hanover Bancorp during the second quarter valued at about $170,000. Institutional investors own 15.02% of the company's stock.

Hanover Bancorp Trading Down 1.4 %

Shares of HNVR traded down $0.30 during trading hours on Monday, hitting $21.27. The company had a trading volume of 11,258 shares, compared to its average volume of 8,523. The firm has a market cap of $152.14 million, a P/E ratio of 12.89 and a beta of -0.04. Hanover Bancorp has a 52-week low of $13.62 and a 52-week high of $27.14. The stock's 50 day moving average price is $23.19 and its 200 day moving average price is $19.74. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.13.

Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders 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 annualized dividend and a yield of 1.88%. Hanover Bancorp's payout ratio 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.