Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Up 31.9% in May

Hanover Bancorp, Inc. (NASDAQ:HNVR - Get Free Report) was the target of a large growth in short interest in May. As of May 31st, there was short interest totalling 31,000 shares, a growth of 31.9% from the May 15th total of 23,500 shares. Based on an average daily volume of 18,000 shares, the days-to-cover ratio is presently 1.7 days. Approximately 0.8% of the shares of the company are short sold.

Hanover Bancorp Stock Performance

NASDAQ HNVR traded down $0.25 during mid-day trading on Tuesday, reaching $20.86. 9,875 shares of the stock were exchanged, compared to its average volume of 14,771. The business's 50 day moving average is $22.18 and its 200-day moving average is $23.20. Hanover Bancorp has a 1 year low of $15.92 and a 1 year high of $27.14. The company has a market capitalization of $150.82 million, a P/E ratio of 12.57 and a beta of 0.07. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04.

Hanover Bancorp (NASDAQ:HNVR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.04. Hanover Bancorp had a net margin of 6.58% and a return on equity of 6.64%. The firm had revenue of $18.36 million for the quarter, compared to the consensus estimate of $18.80 million. On average, equities research analysts forecast 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, May 14th. Shareholders of record on Wednesday, May 7th were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.92%. The ex-dividend date of this dividend was Wednesday, May 7th. Hanover Bancorp's payout ratio is 30.53%.

Insider Buying and Selling at Hanover Bancorp

In other news, Director Robert Golden sold 5,000 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $23.42, for a total value of $117,100.00. Following the sale, the director now owns 205,418 shares in the company, valued at $4,810,889.56. This represents a 2.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 23.88% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Hanover Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HNVR. Geode Capital Management LLC lifted its holdings in Hanover Bancorp by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 44,843 shares of the company's stock valued at $1,034,000 after purchasing an additional 1,331 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Hanover Bancorp during the fourth quarter valued at $29,000. Northern Trust Corp purchased a new position in Hanover Bancorp during the fourth quarter valued at $418,000. Jane Street Group LLC purchased a new position in Hanover Bancorp during the fourth quarter valued at $249,000. Finally, Rhino Investment Partners Inc purchased a new position in Hanover Bancorp during the fourth quarter valued at $4,628,000. 15.02% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.

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