Hanover Bancorp, Inc. (NASDAQ:HNVR) Short Interest Up 6.8% in October

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 7,900 shares, a growth of 6.8% from the October 15th total of 7,400 shares. Based on an average daily volume of 7,600 shares, the days-to-cover ratio is presently 1.0 days. Currently, 0.2% of the company’s shares are short sold.

Hanover Bancorp Trading Down 0.8 %

HNVR traded down $0.18 during trading on Monday, reaching $21.20. 20,316 shares of the stock traded hands, compared to its average volume of 6,542. 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’s 50-day moving average is $19.16 and its 200 day moving average is $17.67. Hanover Bancorp has a 12 month low of $13.62 and a 12 month high of $22.04. The stock has a market capitalization of $151.16 million, a PE ratio of 12.85 and a beta of -0.26.

Hanover Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Wednesday, November 6th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.89%. Hanover Bancorp’s payout ratio is presently 24.24%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler boosted their price target on shares of Hanover Bancorp from $20.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, October 24th.

Institutional Investors Weigh In On Hanover Bancorp

A number of large investors have recently bought and sold shares of HNVR. Geode Capital Management LLC boosted its position in shares of Hanover Bancorp by 46.5% during the 3rd quarter. Geode Capital Management LLC now owns 43,512 shares of the company’s stock worth $779,000 after purchasing an additional 13,803 shares in the last quarter. Fourthstone LLC acquired a new stake in Hanover Bancorp in the third quarter valued at approximately $877,000. Finally, Renaissance Technologies LLC acquired a new stake in Hanover Bancorp in the second quarter valued at approximately $170,000. 15.02% of the stock is currently owned by institutional investors and hedge funds.

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.