Hanover Bancorp, Inc. (NASDAQ:HNVR) Sees Large Decline in Short Interest

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 40,500 shares, a decline of 22.1% from the February 28th total of 52,000 shares. Based on an average daily volume of 15,400 shares, the days-to-cover ratio is currently 2.6 days. Currently, 1.0% of the shares of the stock are short sold.

Hanover Bancorp Stock Up 3.0 %

HNVR stock traded up $0.65 during mid-day trading on Wednesday, hitting $22.32. The stock had a trading volume of 12,010 shares, compared to its average volume of 11,838. The stock has a market capitalization of $160.73 million, a price-to-earnings ratio of 13.45 and a beta of 0.02. The company has a fifty day moving average of $24.13 and a 200 day moving average of $22.46. Hanover Bancorp has a 1-year low of $13.62 and a 1-year high of $27.14. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 0.13.

Hanover Bancorp (NASDAQ:HNVR) last released its quarterly earnings results on Wednesday, January 29th. The company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.03. Hanover Bancorp had a net margin of 8.32% and a return on equity of 6.71%. On average, equities analysts expect that Hanover Bancorp will post 2.38 EPS for the current fiscal year.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Wednesday, February 12th were given a dividend of $0.10 per share. The ex-dividend date was Wednesday, February 12th. This represents a $0.40 dividend on an annualized basis and a yield of 1.79%. Hanover Bancorp’s payout ratio is currently 24.10%.

Insider Buying and Selling

In related news, Director Robert Golden sold 2,761 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $26.61, for a total value of $73,470.21. Following the completion of the transaction, the director now owns 2,239 shares in the company, valued at $59,579.79. This trade represents a 55.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 7,533 shares of company stock worth $200,537 in the last ninety days. 24.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HNVR. Rhino Investment Partners Inc bought a new position in Hanover Bancorp during the fourth quarter worth $4,628,000. Northern Trust Corp bought a new position in Hanover Bancorp during the fourth quarter worth about $418,000. Millennium Management LLC acquired a new stake in Hanover Bancorp during the fourth quarter valued at approximately $373,000. 683 Capital Management LLC bought a new stake in shares of Hanover Bancorp in the 4th quarter valued at approximately $335,000. Finally, Geode Capital Management LLC raised its holdings in shares of Hanover Bancorp by 46.5% in the 3rd quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock worth $779,000 after buying an additional 13,803 shares in the last quarter. 15.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Stephens downgraded Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a report on Monday, December 9th.

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.