Short Interest in Hanover Bancorp, Inc. (NASDAQ:HNVR) Decreases By 22.1%

Hanover Bancorp, Inc. (NASDAQ:HNVR) saw a significant drop in short interest in 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. Based on an average daily volume of 15,400 shares, the short-interest ratio is presently 2.6 days. Approximately 1.0% of the company’s shares are sold short.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In related news, Director Robert Golden sold 2,761 shares of the company’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 sale, the director now owns 2,239 shares in the company, valued at $59,579.79. This represents a 55.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 7,533 shares of company stock worth $200,537. Company insiders own 24.76% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Hanover Bancorp by 46.5% in the third quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock valued at $779,000 after acquiring an additional 13,803 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in Hanover Bancorp during the fourth quarter worth $29,000. Northern Trust Corp bought a new position in shares of Hanover Bancorp in the 4th quarter valued at about $418,000. Jane Street Group LLC bought a new position in shares of Hanover Bancorp in the 4th quarter valued at about $249,000. Finally, Rhino Investment Partners Inc bought a new stake in shares of Hanover Bancorp in the 4th quarter valued at about $4,628,000. Institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Stock Down 1.5 %

Shares of Hanover Bancorp stock traded down $0.34 on Monday, hitting $22.31. The company had a trading volume of 3,868 shares, compared to its average volume of 11,760. The stock has a 50-day moving average of $24.29 and a 200-day moving average of $22.41. 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 $160.65 million, a P/E ratio of 13.44 and a beta of 0.02.

Hanover Bancorp (NASDAQ:HNVR) last released its earnings results on Wednesday, January 29th. The company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 predict that Hanover Bancorp will post 2.38 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Stockholders of record on Wednesday, February 12th were issued a $0.10 dividend. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.79%. Hanover Bancorp’s dividend payout ratio (DPR) is presently 24.10%.

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.