Hanover Bancorp, Inc. (NASDAQ:HNVR) Sees Significant Drop in Short Interest

Hanover Bancorp, Inc. (NASDAQ:HNVR) saw a large drop in short interest in September. As of September 15th, there was short interest totalling 6,300 shares, a drop of 30.8% from the August 31st total of 9,100 shares. Approximately 0.2% of the shares of the company are short sold. Based on an average trading volume of 5,700 shares, the days-to-cover ratio is currently 1.1 days.

Institutional Trading of Hanover Bancorp

A hedge fund recently bought a new stake in Hanover Bancorp stock. Renaissance Technologies LLC purchased a new position in Hanover Bancorp, Inc. (NASDAQ:HNVR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,300 shares of the company’s stock, valued at approximately $170,000. Renaissance Technologies LLC owned approximately 0.14% of Hanover Bancorp as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 15.02% of the company’s stock.

Hanover Bancorp Stock Performance

HNVR stock traded up $0.15 during midday trading on Friday, reaching $18.23. The company had a trading volume of 392 shares, compared to its average volume of 5,662. Hanover Bancorp has a fifty-two week low of $13.62 and a fifty-two week high of $20.99. The firm has a market capitalization of $132.15 million, a PE ratio of 9.23 and a beta of -0.23. The company has a quick ratio of 1.02, a current ratio of 1.03 and a debt-to-equity ratio of 0.13. The stock has a 50 day moving average price of $17.65 and a 200 day moving average price of $16.57.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Wednesday, July 24th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.34). The firm had revenue of $37.04 million for the quarter, compared to the consensus estimate of $16.30 million. Hanover Bancorp had a return on equity of 6.33% and a net margin of 8.70%. Analysts anticipate that Hanover Bancorp will post 1.56 earnings per share for the current year.

Hanover Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Wednesday, August 7th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend was Wednesday, August 7th. Hanover Bancorp’s dividend payout ratio (DPR) is 20.41%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their price target on Hanover Bancorp from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, July 25th.

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.