Short Interest in Hanover Bancorp, Inc. (NASDAQ:HNVR) Drops By 40.7%

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the recipient of a significant drop in short interest in the month of May. As of May 29th, there was short interest totaling 28,234 shares, a drop of 40.7% from the May 14th total of 47,609 shares. Approximately 0.5% of the shares of the company are short sold. Based on an average daily volume of 73,549 shares, the days-to-cover ratio is currently 0.4 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of Hanover Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Hanover Bancorp has a consensus rating of “Hold” and a consensus target price of $24.33.

Insiders Place Their Bets

In other Hanover Bancorp news, Director Robert Golden sold 2,259 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $22.79, for a total transaction of $51,482.61. Following the completion of the transaction, the director owned 34,009 shares in the company, valued at $775,065.11. This trade represents a 6.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 4,566 shares of company stock worth $105,240 in the last three months. 24.38% of the stock is owned by company insiders.

Institutional Investors Weigh In On Hanover Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of HNVR. BNP Paribas Financial Markets lifted its holdings in shares of Hanover Bancorp by 219.9% in the third quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock worth $29,000 after buying an additional 886 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Hanover Bancorp by 3,744.7% in the second quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock worth $33,000 after buying an additional 1,423 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Hanover Bancorp in the second quarter worth about $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Hanover Bancorp in the second quarter worth about $59,000. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Hanover Bancorp in the third quarter worth about $71,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

Hanover Bancorp Stock Performance

NASDAQ:HNVR traded down $0.75 on Monday, reaching $23.19. 39,439 shares of the company’s stock were exchanged, compared to its average volume of 23,627. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market cap of $165.97 million, a price-to-earnings ratio of 22.09 and a beta of 0.11. Hanover Bancorp has a 52 week low of $19.91 and a 52 week high of $24.55. The stock has a fifty day simple moving average of $22.90 and a 200-day simple moving average of $22.69.

Hanover Bancorp (NASDAQ:HNVR) last issued its earnings results on Monday, April 27th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $19.11 million during the quarter, compared to analyst estimates of $19.50 million. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%.

Hanover Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 18th. Stockholders of record on Monday, May 11th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, May 11th. Hanover Bancorp’s dividend payout ratio is presently 38.10%.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.