Magyar Bancorp (NASDAQ:MGYR) Releases Quarterly Earnings Results

Key Points

• Magyar Bancorp reported a quarterly earnings per share of $0.40, alongside a return on equity of 8.72% and a net margin of 15.12%, with revenue totaling $8.81 million for the quarter.
• The bank has announced an increase in its quarterly dividend to $0.08, up from $0.06, reflecting a positive change in its dividend payout ratio of 16.67%.
• Magyar Bancorp's stock price experienced an increase, trading at $16.89, with a market cap of $109.27 million and a price-to-earnings ratio of 10.76.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) announced its quarterly earnings results on Thursday. The bank reported $0.40 EPS for the quarter, Zacks reports. The firm had revenue of $8.81 million during the quarter. Magyar Bancorp had a net margin of 15.12% and a return on equity of 8.72%.

Magyar Bancorp Stock Performance

Magyar Bancorp stock traded down $0.19 during mid-day trading on Wednesday, hitting $16.74. 879 shares of the company traded hands, compared to its average volume of 4,937. Magyar Bancorp has a one year low of $12.10 and a one year high of $19.04. The stock has a market cap of $108.33 million, a price-to-earnings ratio of 10.66 and a beta of 0.17. The stock has a fifty day moving average price of $16.31 and a 200-day moving average price of $15.01.

Magyar Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 7th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, August 7th. This is a positive change from Magyar Bancorp's previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a yield of 1.91%. Magyar Bancorp's payout ratio is presently 20.38%.

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.