Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Up 21.8% in May

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) was the target of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 23,500 shares, a growth of 21.8% from the April 30th total of 19,300 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average trading volume of 18,400 shares, the short-interest ratio is presently 1.3 days.

Insider Activity at Hanover Bancorp

In related news, Director Robert Golden sold 5,000 shares of the stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $23.42, for a total transaction of $117,100.00. Following the sale, the director now owns 205,418 shares of the company's stock, valued at approximately $4,810,889.56. This represents a 2.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 24.76% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hanover Bancorp

Several institutional investors have recently modified their holdings of HNVR. Russell Investments Group Ltd. bought a new stake in shares of Hanover Bancorp during the 4th quarter valued at about $29,000. Acadian Asset Management LLC grew its position in Hanover Bancorp by 298.4% during the first quarter. Acadian Asset Management LLC now owns 9,398 shares of the company's stock valued at $205,000 after buying an additional 7,039 shares during the period. Citadel Advisors LLC purchased a new stake in Hanover Bancorp during the fourth quarter valued at approximately $209,000. American Century Companies Inc. purchased a new stake in Hanover Bancorp during the first quarter valued at approximately $214,000. Finally, Jane Street Group LLC bought a new position in Hanover Bancorp in the fourth quarter worth approximately $249,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Hanover Bancorp from a "buy" rating to a "hold" rating in a research report on Thursday, May 22nd.

Hanover Bancorp Stock Down 0.9%

Hanover Bancorp stock traded down $0.20 during trading hours on Thursday, hitting $21.80. 9,123 shares of the stock traded hands, compared to its average volume of 14,591. Hanover Bancorp has a one year low of $15.92 and a one year high of $27.14. The firm's 50-day moving average price is $21.97 and its two-hundred day moving average price is $23.31. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13. The company has a market cap of $157.59 million, a PE ratio of 13.13 and a beta of 0.09.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. The business had revenue of $18.36 million during the quarter, compared to the consensus estimate of $18.80 million. On average, research analysts forecast that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 14th. Shareholders of record on Wednesday, May 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date was Wednesday, May 7th. Hanover Bancorp's payout ratio is 30.53%.

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.