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

Hanover Bancorp, Inc. (NASDAQ:HNVR) was the target of a significant growth in short interest during 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 trading volume, of 7,600 shares, the days-to-cover ratio is currently 1.0 days. Currently, 0.2% of the shares of the company are sold short.

Hanover Bancorp Stock Performance

Shares of HNVR traded down $0.18 during trading hours on Monday, hitting $21.20. The company’s stock had a trading volume of 20,316 shares, compared to its average volume of 6,542. The company has a market cap of $151.16 million, a price-to-earnings ratio of 12.85 and a beta of -0.26. 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 business has a 50 day simple moving average of $19.16 and a two-hundred day simple moving average of $17.67. Hanover Bancorp has a 52-week low of $13.62 and a 52-week high of $22.04.

Hanover Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Shareholders of record on Wednesday, November 6th were issued 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 yield of 1.89%. Hanover Bancorp’s payout ratio is 24.24%.

Hedge Funds Weigh In On Hanover Bancorp

Large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC purchased a new stake in Hanover Bancorp during the 2nd quarter worth about $170,000. Geode Capital Management LLC lifted its holdings 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 in the last quarter. Finally, Fourthstone LLC bought a new position in shares of Hanover Bancorp in the third quarter valued at approximately $877,000. 15.02% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler increased their price target on 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.