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 increase in short interest in May. As of May 31st, there was short interest totalling 31,000 shares, an increase of 31.9% from the May 15th total of 23,500 shares. Approximately 0.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 18,000 shares, the short-interest ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Hanover Bancorp

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

Institutional Trading of Hanover Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. acquired a new position in Hanover Bancorp in the fourth quarter valued at about $29,000. Citadel Advisors LLC acquired a new position in shares of Hanover Bancorp during the 4th quarter worth about $209,000. Acadian Asset Management LLC boosted 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 purchasing an additional 7,039 shares during the last quarter. American Century Companies Inc. bought a new position in shares of Hanover Bancorp in the first quarter valued at $214,000. Finally, Jane Street Group LLC acquired a new stake in Hanover Bancorp in the fourth quarter valued at $249,000. Institutional investors and hedge funds own 15.02% of the company's stock.

Hanover Bancorp Trading Up 3.0%

HNVR traded up $0.62 during trading on Friday, reaching $21.48. 4,684 shares of the company's stock were exchanged, compared to its average volume of 14,823. Hanover Bancorp has a fifty-two week low of $15.92 and a fifty-two week high of $27.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a market capitalization of $155.30 million, a PE ratio of 16.40 and a beta of 0.07. The company's fifty day moving average price is $22.21 and its 200-day moving average price is $23.14.

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 for the quarter, beating 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 business had revenue of $18.36 million for the quarter, compared to the consensus estimate of $18.80 million. As a group, equities analysts forecast that Hanover Bancorp will post 2.38 EPS for the current year.

Hanover Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 14th. Stockholders of record on Wednesday, May 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Wednesday, May 7th. Hanover Bancorp's dividend payout ratio (DPR) is 30.53%.

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.