Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Update

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 53,100 shares, an increase of 742.9% from the December 31st total of 6,300 shares. Based on an average daily trading volume, of 21,700 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.3% of the company’s stock are sold short.

Hanover Bancorp Stock Performance

Shares of HNVR stock opened at $26.55 on Thursday. The business has a fifty day moving average of $24.11 and a 200 day moving average of $20.44. Hanover Bancorp has a 1 year low of $13.62 and a 1 year high of $27.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.03 and a quick ratio of 1.02. The firm has a market capitalization of $189.83 million, a price-to-earnings ratio of 16.09 and a beta of -0.04.

Hanover Bancorp (NASDAQ:HNVR) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.03. Hanover Bancorp had a return on equity of 6.77% and a net margin of 8.39%. As a group, research analysts expect that Hanover Bancorp will post 1.64 earnings per share for the current year.

Insider Buying and Selling at Hanover Bancorp

In other news, Director Robert Golden sold 2,500 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $25.50, for a total transaction of $63,750.00. Following the completion of the sale, the director now owns 28,345 shares in the company, valued at approximately $722,797.50. This represents a 8.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 24.76% of the company’s stock.

Institutional Trading of Hanover Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in HNVR. Renaissance Technologies LLC purchased a new stake in Hanover Bancorp in the second quarter valued at $170,000. Geode Capital Management LLC boosted its stake in shares of Hanover Bancorp by 46.5% in the third 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 during the last quarter. Finally, Fourthstone LLC acquired a new stake in Hanover Bancorp during the third quarter worth about $877,000. Institutional investors and hedge funds own 15.02% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Stephens downgraded Hanover Bancorp from an “overweight” rating to an “equal weight” rating in a report on Monday, December 9th. Piper Sandler lifted their target price on shares of Hanover Bancorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, October 24th.

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.