Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Down 40.7% in May

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the recipient of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 28,234 shares, a decrease of 40.7% from the May 14th total of 47,609 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average daily volume of 73,549 shares, the short-interest ratio is presently 0.4 days.

Hanover Bancorp Stock Performance

Hanover Bancorp stock traded up $0.13 during mid-day trading on Tuesday, reaching $23.32. 39,939 shares of the company were exchanged, compared to its average volume of 70,068. Hanover Bancorp has a twelve month low of $19.91 and a twelve month high of $24.55. The firm’s 50-day simple moving average is $22.97 and its two-hundred day simple moving average is $22.70. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $166.97 million, a PE ratio of 22.21 and a beta of 0.11.

Hanover Bancorp (NASDAQ:HNVR) last released its earnings results on Monday, April 27th. The company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Hanover Bancorp had a net margin of 5.53% and a return on equity of 5.09%. The company had revenue of $19.11 million during the quarter, compared to analysts’ expectations of $19.50 million.

Hanover Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 18th. Stockholders of record on Monday, May 11th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Monday, May 11th. Hanover Bancorp’s dividend payout ratio (DPR) is currently 38.10%.

Insiders Place Their Bets

In related news, Director Robert Golden sold 1,295 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $23.53, for a total transaction of $30,471.35. Following the completion of the sale, the director owned 31,702 shares in the company, valued at $745,948.06. This represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders have sold 4,566 shares of company stock worth $105,240. 24.38% of the stock is owned by corporate insiders.

Institutional Trading of Hanover Bancorp

Several hedge funds have recently modified their holdings of HNVR. BNP Paribas Financial Markets lifted its holdings in shares of Hanover Bancorp by 219.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,289 shares of the company’s stock valued at $29,000 after buying an additional 886 shares during the period. Bank of America Corp DE lifted its holdings in shares of Hanover Bancorp by 3,744.7% in the 2nd quarter. Bank of America Corp DE now owns 1,461 shares of the company’s stock valued at $33,000 after buying an additional 1,423 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Hanover Bancorp in the 2nd quarter valued at approximately $51,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Hanover Bancorp in the 2nd quarter valued at approximately $59,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Hanover Bancorp in the 3rd quarter valued at approximately $71,000. 15.02% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Hanover Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 29th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $24.33.

Hanover Bancorp Company Profile

Hanover Bancorp, Inc is the bank holding company for The Hanover National Bank, a regional financial institution headquartered in Syracuse, New York. Through its subsidiary, the company provides a full range of commercial and retail banking services, with an emphasis on relationship-driven client support and community engagement.

Key offerings include deposit products such as checking, savings, and certificates of deposit, as well as commercial and consumer lending solutions. The bank also offers treasury management services, residential mortgage origination, and investment advisory services to meet the diverse needs of individuals, small businesses, and municipalities within its market area.

Operating primarily in Central and Upstate New York, Hanover Bancorp maintains a network of branches and loan production offices designed to serve local communities.