Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Up 742.9% in December

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

Analyst Ratings Changes

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

Hanover Bancorp Price Performance

Shares of HNVR traded up $0.37 during midday trading on Wednesday, hitting $22.60. 3,660 shares of the company traded hands, compared to its average volume of 9,129. Hanover Bancorp has a one year low of $13.62 and a one year high of $27.14. The firm has a market cap of $161.66 million, a P/E ratio of 13.70 and a beta of -0.04. 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 stock has a 50-day moving average of $23.24 and a 200-day moving average of $19.78.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 13th. Stockholders of record on Wednesday, November 6th were issued a $0.10 dividend. The ex-dividend date was Wednesday, November 6th. This represents a $0.40 annualized dividend and a dividend yield of 1.77%. Hanover Bancorp’s payout ratio is currently 24.24%.

Insider Activity

In other news, Director Robert Golden sold 2,500 shares of the company’s stock in a transaction 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 transaction, the director now owns 28,345 shares of the company’s stock, valued at $722,797.50. This represents a 8.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 24.76% of the company’s stock.

Hedge Funds Weigh In On Hanover Bancorp

A number of institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC bought a new position in shares of Hanover Bancorp in the 2nd quarter worth $170,000. Geode Capital Management LLC grew its position in Hanover Bancorp by 46.5% in 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 in the last quarter. Finally, Fourthstone LLC bought a new position in Hanover Bancorp in the third quarter valued at $877,000. 15.02% of the stock is currently owned by institutional investors.

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.