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

Hanover Bancorp, Inc. (NASDAQ:HNVR) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 53,100 shares, a growth of 742.9% from the December 15th total of 6,300 shares. Approximately 1.3% of the shares of the company are sold short. Based on an average daily volume of 21,700 shares, the short-interest ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented 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 increased their price objective on Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, October 24th.

Insider Activity

In related news, Director Robert Golden sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $25.50, for a total transaction of $63,750.00. Following the sale, the director now owns 28,345 shares of the company’s stock, valued at $722,797.50. The trade was a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. 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 buying an additional 13,803 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Hanover Bancorp during the second quarter worth $170,000. Finally, Fourthstone LLC acquired a new stake in Hanover Bancorp during the third quarter valued at $877,000. 15.02% of the stock is currently owned by hedge funds and other institutional investors.

Hanover Bancorp Trading Up 5.2 %

NASDAQ HNVR traded up $1.10 on Tuesday, hitting $22.37. 11,307 shares of the company were exchanged, compared to its average volume of 8,841. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.02. Hanover Bancorp has a twelve month low of $13.62 and a twelve month high of $27.14. The firm has a market capitalization of $160.01 million, a P/E ratio of 13.56 and a beta of -0.04. The company’s 50 day moving average price is $23.19 and its 200-day moving average price is $19.74.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Investors 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 dividend yield of 1.79%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 24.24%.

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.