Magyar Bancorp (NASDAQ:MGYR) Share Price Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Magyar Bancorp's share price has recently surpassed its two hundred day moving average, closing at $17.32 with a trading volume of 1,035 shares.
• The company has declared an increased quarterly dividend of $0.08 per share, up from $0.06, resulting in an annualized dividend yield of 1.8%.
• Institutional ownership of Magyar Bancorp stands at 46.32%, with Geode Capital Management recently increasing its stake by 6.9% in the second quarter.

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $15.86 and traded as high as $17.32. Magyar Bancorp shares last traded at $17.32, with a volume of 1,035 shares changing hands.

Magyar Bancorp Stock Performance

The business has a fifty day simple moving average of $17.16 and a 200 day simple moving average of $15.86. The stock has a market capitalization of $111.71 million, a price-to-earnings ratio of 11.03 and a beta of 0.24.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.40 earnings per share (EPS) for the quarter. The company had revenue of $8.81 million for 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. Stockholders of record on Thursday, August 7th were issued a dividend of $0.08 per share. This is a boost from Magyar Bancorp's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.8%. Magyar Bancorp's payout ratio is currently 20.38%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Magyar Bancorp stock. Geode Capital Management LLC raised its position in shares of Magyar Bancorp, Inc. (NASDAQ:MGYR - Free Report) by 6.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,433 shares of the bank's stock after purchasing an additional 4,027 shares during the period. Geode Capital Management LLC owned approximately 0.96% of Magyar Bancorp worth $1,051,000 at the end of the most recent reporting period. 46.32% of the stock is owned by institutional investors.

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.

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