Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Up 23.6% in February

Hanover Bancorp, Inc. (NASDAQ:HNVR) saw a large increase in short interest in the month of February. As of February 13th, there was short interest totaling 69,856 shares, an increase of 23.6% from the January 29th total of 56,527 shares. Approximately 1.3% of the shares of the company are short sold. Based on an average daily volume of 10,455 shares, the days-to-cover ratio is presently 6.7 days. Based on an average daily volume of 10,455 shares, the days-to-cover ratio is presently 6.7 days. Approximately 1.3% of the shares of the company are short sold.

Hanover Bancorp Price Performance

Shares of NASDAQ:HNVR traded up $0.39 during trading on Wednesday, reaching $21.41. The company had a trading volume of 9,473 shares, compared to its average volume of 8,961. The company has a fifty day moving average of $22.84 and a two-hundred day moving average of $22.49. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $153.94 million, a P/E ratio of 21.41 and a beta of 0.07. Hanover Bancorp has a 12 month low of $18.31 and a 12 month high of $24.36.

Hanover Bancorp (NASDAQ:HNVR) last announced its earnings results on Thursday, January 29th. The company reported $0.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.51). Hanover Bancorp had a return on equity of 5.18% and a net margin of 5.22%.The company had revenue of $18.60 million during the quarter, compared to analysts’ expectations of $18.85 million. Equities research analysts forecast that Hanover Bancorp will post 2.38 earnings per share for the current year.

Hanover Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 26th. Stockholders of record on Thursday, February 12th were given a dividend of $0.10 per share. The ex-dividend date was Thursday, February 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.9%. Hanover Bancorp’s dividend payout ratio is 40.00%.

Wall Street Analyst Weigh In

HNVR has been the subject of a number of recent analyst reports. Zacks Research lowered Hanover Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, January 30th. Weiss Ratings restated a “buy (b-)” rating on shares of Hanover Bancorp in a research report on Monday, December 29th. Finally, Piper Sandler decreased their target price on shares of Hanover Bancorp from $27.00 to $26.50 and set an “overweight” rating on the stock in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Hanover Bancorp presently has an average rating of “Hold” and an average price target of $24.33.

Institutional Trading of Hanover Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fourthstone LLC raised its stake in shares of Hanover Bancorp by 22.6% during the fourth quarter. Fourthstone LLC now owns 516,702 shares of the company’s stock worth $11,941,000 after acquiring an additional 95,194 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Hanover Bancorp by 117.7% during the 2nd quarter. Geode Capital Management LLC now owns 105,721 shares of the company’s stock valued at $2,294,000 after purchasing an additional 57,166 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Hanover Bancorp by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,089 shares of the company’s stock valued at $719,000 after purchasing an additional 534 shares during the last quarter. Corient Private Wealth LLC purchased a new position in Hanover Bancorp in the 2nd quarter worth $572,000. Finally, Goldman Sachs Group Inc. lifted its stake in Hanover Bancorp by 24.5% in the first quarter. Goldman Sachs Group Inc. now owns 22,164 shares of the company’s stock worth $486,000 after purchasing an additional 4,356 shares during the last quarter. Hedge funds and other institutional investors own 15.02% of the company’s stock.

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.