Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Update

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

Analysts Set New Price Targets

A number of brokerages recently commented on HNVR. Stephens lowered shares of Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a research note on Monday, December 9th. Piper Sandler upped their price objective on shares of Hanover Bancorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th.

Hanover Bancorp Price Performance

HNVR traded down $0.10 during trading on Tuesday, hitting $26.30. 10,029 shares of the stock traded hands, compared to its average volume of 15,313. The business has a 50 day moving average price of $23.95 and a 200 day moving average price of $20.32. 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 company has a market cap of $188.12 million, a price-to-earnings ratio of 15.94 and a beta of -0.04.

Insider Activity at Hanover Bancorp

In other Hanover Bancorp news, Director Robert Golden sold 2,500 shares of Hanover Bancorp stock in a transaction 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 directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 24.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hanover Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Renaissance Technologies LLC acquired a new position in shares of Hanover Bancorp in the second quarter worth approximately $170,000. Fourthstone LLC acquired a new position in Hanover Bancorp during the 3rd quarter valued at about $877,000. Finally, Geode Capital Management LLC boosted its holdings in Hanover Bancorp by 46.5% during the 3rd 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. Institutional investors own 15.02% of the company’s stock.

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.