Magyar Bancorp (NASDAQ:MGYR) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Magyar Bancorp, Inc. (NASDAQ:MGYR) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $16.28 and traded as high as $16.98. Magyar Bancorp shares last traded at $16.9650, with a volume of 2,035 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Magyar Bancorp in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Magyar Bancorp currently has an average rating of “Hold”.

Magyar Bancorp Stock Up 1.3%

The stock has a market capitalization of $109.42 million, a price-to-earnings ratio of 10.81 and a beta of 0.24. The company’s 50-day moving average is $17.14 and its 200-day moving average is $16.28.

Institutional Investors Weigh In On Magyar Bancorp

An institutional investor recently raised its position in Magyar Bancorp stock. Geode Capital Management LLC increased its position in shares of Magyar Bancorp, Inc. (NASDAQ:MGYR) by 6.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,433 shares of the bank’s stock after purchasing an additional 4,027 shares during the period. Geode Capital Management LLC owned 0.96% of Magyar Bancorp worth $1,051,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 46.32% of the company’s stock.

Magyar Bancorp Company Profile

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.