Magyar Bancorp (NASDAQ:MGYR) Stock Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Magyar Bancorp's stock has crossed above its 200-day moving average of $15.23, trading at $17.48 with a recent trading volume of 809 shares.
• The bank reported a quarterly EPS of $0.40 and revenue of $8.81 million, along with a net margin of 15.12% during its latest earnings report.
• Magyar Bancorp has increased its quarterly dividend from $0.06 to $0.08, resulting in an annualized yield of 1.8% for investors of record on August 7th.

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $15.23 and traded as high as $17.48. Magyar Bancorp shares last traded at $17.48, with a volume of 809 shares changing hands.

Magyar Bancorp Price Performance

The business has a 50 day simple moving average of $16.72 and a 200 day simple moving average of $15.27. The company has a market capitalization of $111.26 million, a price-to-earnings ratio of 10.99 and a beta of 0.22.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.40 earnings per share (EPS) for the quarter. Magyar Bancorp had a return on equity of 8.64% and a net margin of 15.12%.The firm had revenue of $8.81 million for the quarter.

Magyar Bancorp Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend 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 dividend yield of 1.9%. Magyar Bancorp's payout ratio is 20.38%.

Institutional Trading of Magyar Bancorp

Several hedge funds have recently modified their holdings of MGYR. Northern Trust Corp raised its holdings in shares of Magyar Bancorp by 37.2% in the 4th 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Magyar Bancorp by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 133,227 shares of the bank's stock worth $1,930,000 after buying an additional 974 shares during the last quarter. Renaissance Technologies LLC grew its position 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 buying an additional 2,300 shares during the last quarter. Geode Capital Management LLC raised its stake in Magyar Bancorp by 6.9% during the 2nd quarter. Geode Capital Management LLC now owns 62,433 shares of the bank's stock worth $1,051,000 after acquiring an additional 4,027 shares in the last quarter. Finally, Truffle Hound Capital LLC purchased a new stake in Magyar Bancorp in the second quarter valued at $1,554,000. 46.32% of the stock is currently owned by institutional investors and hedge funds.

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.