Magyar Bancorp (NASDAQ:MGYR) Shares Cross Above 200-Day Moving Average - Here's Why

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report)'s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.52 and traded as high as $16.05. Magyar Bancorp shares last traded at $16.05, with a volume of 21,513 shares traded.

Magyar Bancorp Stock Performance

The stock's 50-day moving average price is $14.82 and its two-hundred day moving average price is $14.52. The stock has a market capitalization of $103.84 million, a PE ratio of 11.15 and a beta of 0.17.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) last posted its earnings results on Wednesday, April 30th. The bank reported $0.43 earnings per share (EPS) for the quarter. Magyar Bancorp had a net margin of 14.34% and a return on equity of 8.08%. The business had revenue of $15.78 million for the quarter.

Magyar Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 28th. Shareholders of record on Wednesday, May 14th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date of this dividend was Wednesday, May 14th. Magyar Bancorp's payout ratio is 16.67%.

Institutional Investors Weigh In On Magyar Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. PL Capital Advisors LLC raised its position in shares of Magyar Bancorp by 1,360.0% during the fourth quarter. PL Capital Advisors LLC now owns 3,716,532 shares of the bank's stock valued at $54,261,000 after buying an additional 3,461,975 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Magyar Bancorp by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 133,227 shares of the bank's stock valued at $1,930,000 after buying an additional 974 shares during the last quarter. Northern Trust Corp raised its position in shares of Magyar Bancorp by 37.2% during the fourth quarter. Northern Trust Corp now owns 27,674 shares of the bank's stock valued at $404,000 after buying an additional 7,501 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Magyar Bancorp by 16.1% during the fourth quarter. Renaissance Technologies LLC now owns 16,586 shares of the bank's stock valued at $242,000 after buying an additional 2,300 shares during the last quarter. 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.

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