Magyar Bancorp (NASDAQ:MGYR) Stock Price Passes Above Two Hundred Day Moving Average – What’s Next?

Magyar Bancorp, Inc. (NASDAQ:MGYR)’s stock price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.42 and traded as high as $17.35. Magyar Bancorp shares last traded at $17.15, with a volume of 5,885 shares.

Magyar Bancorp Stock Performance

The firm has a market capitalization of $110.62 million, a price-to-earnings ratio of 10.92 and a beta of 0.22. The company has a fifty day moving average of $16.93 and a two-hundred day moving average of $15.42.

Magyar Bancorp (NASDAQ:MGYR) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.40 earnings per share for the quarter. The business had revenue of $8.81 million during the quarter. Magyar Bancorp had a return on equity of 8.64% and a net margin of 15.12%.

Magyar Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 7th. This is an increase from Magyar Bancorp’s previous quarterly dividend of $0.06. Magyar Bancorp’s payout ratio is 20.38%.

Hedge Funds Weigh In On Magyar Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP increased its stake in Magyar Bancorp by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 133,227 shares of the bank’s stock worth $1,930,000 after acquiring an additional 974 shares during the period. Truffle Hound Capital LLC bought a new position in Magyar Bancorp during the 2nd quarter worth $1,554,000. Geode Capital Management LLC increased its stake in Magyar Bancorp by 6.9% during the 2nd quarter. Geode Capital Management LLC now owns 62,433 shares of the bank’s stock worth $1,051,000 after acquiring an additional 4,027 shares during the period. Northern Trust Corp increased its stake in Magyar Bancorp by 37.2% during the 4th quarter. Northern Trust Corp now owns 27,674 shares of the bank’s stock worth $404,000 after acquiring an additional 7,501 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Magyar Bancorp by 16.1% during the 4th quarter. Renaissance Technologies LLC now owns 16,586 shares of the bank’s stock worth $242,000 after acquiring an additional 2,300 shares during the period. Institutional investors own 46.32% of the company’s stock.

About Magyar Bancorp

Magyar Bancorp, Inc operates as the holding company for Magyar Bank that provides various consumer and commercial banking services to individuals, businesses, and nonprofit organizations in New Jersey, the United States. It accepts various deposit accounts, including demand, savings, NOW, money market, and retirement accounts, as well as certificates of deposit.