Magyar Bancorp, Inc. (NASDAQ:MGYR) Plans Quarterly Dividend of $0.12

Key Points

• Magyar Bancorp raised its quarterly dividend by 20% to $0.12 per share, equal to $0.48 annually and a 2.4% yield. The dividend is payable November 24 to shareholders of record on November 10.
• Magyar Bancorp reported quarterly EPS of $0.52 on revenue of $10.64 million, with a 9.59% return on equity and an 18.89% net margin.
• Shares opened at $20.15, while analysts maintained a broadly neutral outlook: Weiss Ratings reiterated a “hold” rating, and the stock has an average rating of “Hold.”

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) declared a quarterly dividend on Wednesday, October 28th. Investors of record on Tuesday, November 10th will be given a dividend of $0.12 per share by the bank on Tuesday, November 24th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, November 10th. This is a 20.0% increase from Magyar Bancorp's previous quarterly dividend of $0.10.

Magyar Bancorp Stock Down 0.4%

MGYR stock opened at $20.15 on Thursday. The firm has a market cap of $130.07 million, a P/E ratio of 10.78 and a beta of 0.29. The company's 50-day simple moving average is $19.42 and its 200-day simple moving average is $18.18. Magyar Bancorp has a 52-week low of $16.03 and a 52-week high of $22.15.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The bank reported $0.52 EPS for the quarter. Magyar Bancorp had a return on equity of 9.59% and a net margin of 18.89%. The business had revenue of $10.64 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of Magyar Bancorp in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold".

Magyar Bancorp Company Profile

Magyar Bancorp, Inc is the holding company for Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Through its banking subsidiary, the company provides deposit, lending and other financial services to individuals, families and businesses.

Magyar Bank's products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, consumer loans, commercial real estate financing and business loans.

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