Hanover Bancorp, Inc. (NASDAQ:HNVR) Sees Significant Drop in Short Interest

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) saw a significant drop in short interest during the month of March. As of March 15th, there was short interest totalling 40,500 shares, a drop of 22.1% from the February 28th total of 52,000 shares. Currently, 1.0% of the company's stock are short sold. Based on an average daily volume of 15,400 shares, the short-interest ratio is presently 2.6 days.

Wall Street Analysts Forecast Growth

Separately, Stephens lowered Hanover Bancorp from an "overweight" rating to an "equal weight" rating in a report on Monday, December 9th.

Hanover Bancorp Stock Performance

NASDAQ HNVR traded down $0.78 on Wednesday, hitting $20.89. 3,053 shares of the stock were exchanged, compared to its average volume of 11,777. The company has a market capitalization of $150.40 million, a PE ratio of 12.58 and a beta of 0.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.02. The business's fifty day moving average is $24.18 and its 200 day moving average is $22.46. Hanover Bancorp has a 52 week low of $13.62 and a 52 week high of $27.14.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last issued its earnings results on Wednesday, January 29th. The company reported $0.52 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%. Research analysts anticipate that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

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Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Wednesday, February 12th were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend was Wednesday, February 12th. Hanover Bancorp's payout ratio is presently 24.10%.

Insider Activity

In related news, Director Robert Golden sold 2,761 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $26.61, for a total value of $73,470.21. Following the completion of the transaction, the director now owns 2,239 shares of the company's stock, valued at approximately $59,579.79. This trade represents a 55.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 7,533 shares of company stock worth $200,537 over the last ninety days. Insiders own 24.76% of the company's stock.

Institutional Trading of Hanover Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of HNVR. Geode Capital Management LLC lifted its position in Hanover Bancorp by 46.5% during the third quarter. Geode Capital Management LLC now owns 43,512 shares of the company's stock worth $779,000 after acquiring an additional 13,803 shares during the last quarter. Russell Investments Group Ltd. acquired a new stake in Hanover Bancorp during the 4th quarter worth approximately $29,000. Northern Trust Corp bought a new stake in Hanover Bancorp in the 4th quarter valued at $418,000. Jane Street Group LLC acquired a new position in Hanover Bancorp in the 4th quarter valued at $249,000. Finally, Rhino Investment Partners Inc bought a new position in Hanover Bancorp during the 4th quarter worth $4,628,000. Institutional investors 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.