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

Key Points

• Magyar Bancorp shares have crossed above the 200-day moving average of $15.11, reaching a high of $17.28 during recent trading sessions.
• The company recently announced a quarterly dividend increase to $0.08 per share, reflecting a dividend yield of 1.9% and an annualized payout of $0.32.
• Institutional investors currently own 46.32% of Magyar Bancorp's stock, with notable increases in positions by firms like Dimensional Fund Advisors and Northern Trust Corp during the previous quarter.

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $15.11 and traded as high as $17.28. Magyar Bancorp shares last traded at $17.28, with a volume of 1,626 shares trading hands.

Magyar Bancorp Stock Performance

The firm has a 50 day moving average of $16.56 and a two-hundred day moving average of $15.16. The stock has a market cap of $112.06 million, a P/E ratio of 11.03 and a beta of 0.22.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $0.40 EPS for the quarter. The business had revenue of $8.81 million during the quarter. Magyar Bancorp had a return on equity of 8.72% and a net margin of 15.12%.

Magyar Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be paid a $0.08 dividend. This is a boost from Magyar Bancorp's previous quarterly dividend of $0.06. This represents a $0.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Thursday, August 7th. Magyar Bancorp's payout ratio is currently 20.38%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGYR. Renaissance Technologies LLC increased its holdings in shares of Magyar Bancorp by 16.1% in the 4th quarter. Renaissance Technologies LLC now owns 16,586 shares of the bank's stock valued at $242,000 after acquiring an additional 2,300 shares during the period. Northern Trust Corp raised its position in Magyar Bancorp by 37.2% in the fourth quarter. Northern Trust Corp now owns 27,674 shares of the bank's stock valued at $404,000 after purchasing an additional 7,501 shares during the period. Geode Capital Management LLC lifted its position in shares of Magyar Bancorp by 6.9% during the second quarter. Geode Capital Management LLC now owns 62,433 shares of the bank's stock worth $1,051,000 after purchasing an additional 4,027 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased 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 worth $1,930,000 after acquiring an additional 974 shares during the period. 46.32% of the stock is owned by hedge funds and other institutional investors.

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.