Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Down 22.1% in March

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the recipient of a large drop in short interest in 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. Currently, 1.0% of the company’s stock are sold short. Based on an average daily volume of 15,400 shares, the days-to-cover ratio is currently 2.6 days.

Hanover Bancorp Stock Performance

Hanover Bancorp stock traded up $0.65 during mid-day trading on Wednesday, reaching $22.32. The company’s stock had a trading volume of 12,010 shares, compared to its average volume of 11,838. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. Hanover Bancorp has a twelve month low of $13.62 and a twelve month high of $27.14. The business has a 50 day moving average price of $24.13 and a 200-day moving average price of $22.46. The firm has a market cap of $160.73 million, a price-to-earnings ratio of 13.45 and a beta of 0.02.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. Sell-side analysts predict that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 19th. Investors of record on Wednesday, February 12th were paid a dividend of $0.10 per share. The ex-dividend date was Wednesday, February 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.79%. Hanover Bancorp’s payout ratio is currently 24.10%.

Analyst Ratings Changes

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

Insider Buying and Selling at Hanover Bancorp

In related news, Director Robert Golden sold 2,272 shares of Hanover Bancorp stock in a transaction on Friday, January 31st. The shares were sold at an average price of $26.68, for a total value of $60,616.96. Following the completion of the sale, the director now owns 30,420 shares in the company, valued at approximately $811,605.60. The trade was a 6.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 7,533 shares of company stock worth $200,537 in the last 90 days. 24.76% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Hanover Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. bought a new stake in Hanover Bancorp in the 4th quarter valued at about $29,000. Citadel Advisors LLC acquired a new position in shares of Hanover Bancorp during the fourth quarter worth approximately $209,000. Jane Street Group LLC bought a new position in Hanover Bancorp in the 4th quarter worth approximately $249,000. 683 Capital Management LLC acquired a new stake in Hanover Bancorp in the 4th quarter valued at approximately $335,000. Finally, Millennium Management LLC bought a new stake in Hanover Bancorp during the 4th quarter valued at $373,000. 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.