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

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the target of a large 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. Based on an average trading volume of 21,700 shares, the days-to-cover ratio is presently 2.4 days. Currently, 1.3% of the shares of the company are sold short.

Insider Buying and Selling at Hanover Bancorp

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 shares were sold at an average price of $25.50, for a total transaction 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. The trade was a 8.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake 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 purchasing an additional 13,803 shares during the last quarter. Fourthstone LLC purchased a new position in shares of Hanover Bancorp during the 3rd quarter valued at about $877,000. Finally, Renaissance Technologies LLC bought a new stake in Hanover Bancorp in the 2nd quarter worth approximately $170,000. Institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Price Performance

Hanover Bancorp stock traded down $0.08 during mid-day trading on Monday, hitting $21.49. 3,880 shares of the company traded hands, compared to its average volume of 7,400. The stock has a fifty day moving average price of $23.16 and a 200-day moving average price of $19.71. The stock has a market cap of $153.72 million, a price-to-earnings ratio of 13.02 and a beta of -0.04. Hanover Bancorp has a one year low of $13.62 and a one year high of $27.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03.

Hanover Bancorp Dividend Announcement

The business also recently announced 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 yield of 1.86%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 24.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on HNVR shares. Stephens downgraded Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research report on Monday, December 9th. Piper Sandler raised their price target on Hanover Bancorp from $20.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, October 24th.

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.