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

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the target of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 40,500 shares, a decline of 22.1% from the February 28th total of 52,000 shares. Based on an average daily volume of 15,400 shares, the days-to-cover ratio is presently 2.6 days. Approximately 1.0% of the shares of the company are sold short.

Hanover Bancorp Stock Performance

Shares of NASDAQ HNVR traded down $0.47 during trading on Tuesday, hitting $21.46. The company had a trading volume of 9,418 shares, compared to its average volume of 11,765. Hanover Bancorp has a 12 month low of $13.62 and a 12 month high of $27.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03. The firm has a market capitalization of $154.50 million, a P/E ratio of 13.03 and a beta of 0.02. The stock has a 50 day simple moving average of $24.24 and a 200 day simple moving average of $22.44.

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 the consensus estimate of $0.49 by $0.03. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. As a group, analysts anticipate that Hanover Bancorp will post 2.38 earnings per share for the current year.

Hanover Bancorp Announces Dividend

The company also recently announced 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. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date was Wednesday, February 12th. Hanover Bancorp’s dividend payout ratio (DPR) is 24.10%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Hanover Bancorp

In related news, Director Robert Golden sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $26.58, for a total value of $66,450.00. Following the transaction, the director now owns 27,920 shares of the company’s stock, valued at approximately $742,113.60. This trade represents a 8.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 7,533 shares of company stock worth $200,537 in the last three months. 24.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hanover Bancorp

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake 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 worth $779,000 after acquiring an additional 13,803 shares during the period. Millennium Management LLC bought a new position in Hanover Bancorp in the 4th quarter worth approximately $373,000. Citadel Advisors LLC purchased a new stake in Hanover Bancorp during the 4th quarter valued at approximately $209,000. Jane Street Group LLC bought a new stake in shares of Hanover Bancorp during the fourth quarter valued at approximately $249,000. Finally, Northern Trust Corp purchased a new position in shares of Hanover Bancorp in the fourth quarter worth $418,000. Hedge funds and other 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.