Short Interest in Hanover Bancorp, Inc. (NASDAQ:HNVR) Grows By 21.8%

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

Hanover Bancorp Stock Performance

Shares of NASDAQ:HNVR traded down $0.04 during midday trading on Friday, reaching $21.76. 10,734 shares of the company's stock traded hands, compared to its average volume of 14,627. The company has a market cap of $157.30 million, a price-to-earnings ratio of 13.11 and a beta of 0.07. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.02 and a current ratio of 1.03. Hanover Bancorp has a one year low of $15.92 and a one year high of $27.14. The stock has a 50 day moving average of $21.97 and a 200 day moving average of $23.31.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last posted 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 return on equity of 6.71% and a net margin of 8.32%. The company had revenue of $18.36 million for the quarter, compared to the consensus estimate of $18.80 million. As a group, equities research analysts anticipate that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The company 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 yield of 1.84%. The ex-dividend date of this dividend was Wednesday, May 7th. Hanover Bancorp's dividend payout ratio is 30.53%.

Analyst Ratings Changes

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

Insider Transactions at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $23.42, for a total transaction of $117,100.00. Following the transaction, the director now directly owns 205,418 shares of the company's stock, valued at $4,810,889.56. This represents a 2.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 24.76% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Rhino Investment Partners Inc bought a new position in Hanover Bancorp in the fourth quarter valued at about $4,628,000. Geode Capital Management LLC lifted its holdings in Hanover Bancorp by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock valued at $1,034,000 after acquiring an additional 1,331 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Hanover Bancorp by 24.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company's stock valued at $486,000 after acquiring an additional 4,356 shares during the period. Jane Street Group LLC lifted its holdings in Hanover Bancorp by 97.5% in the first quarter. Jane Street Group LLC now owns 21,292 shares of the company's stock valued at $467,000 after acquiring an additional 10,511 shares during the period. Finally, Northern Trust Corp bought a new position in shares of Hanover Bancorp in the fourth quarter worth about $418,000. Institutional investors own 15.02% of the company's stock.

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.