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

Key Points

• Magyar Bancorp's stock recently surpassed its 200-day moving average of $15.75, trading as high as $17.45 during the day.
• The company announced a dividend increase, raising its quarterly dividend from $0.06 to $0.08, resulting in an annualized dividend yield of 1.9%.
• Institutional investors hold 46.32% of Magyar Bancorp's stock, with significant recent purchases by firms like Truffle Hound Capital LLC and Northern Trust Corp.

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $15.75 and traded as high as $17.45. Magyar Bancorp shares last traded at $17.24, with a volume of 5,290 shares traded.

Magyar Bancorp Stock Performance

The business has a fifty day moving average of $17.10 and a 200-day moving average of $15.75. The company has a market capitalization of $111.18 million, a P/E ratio of 10.98 and a beta of 0.23.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) last issued its earnings results 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 company had revenue of $8.81 million for the quarter.

Magyar Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 7th were issued a $0.08 dividend. The ex-dividend date was Thursday, August 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Magyar Bancorp's previous quarterly dividend of $0.06. Magyar Bancorp's dividend payout ratio (DPR) is 20.38%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Truffle Hound Capital LLC bought a new position in shares of Magyar Bancorp in the second quarter valued at approximately $1,554,000. Geode Capital Management LLC lifted its holdings in shares of Magyar Bancorp by 6.9% in the second quarter. Geode Capital Management LLC now owns 62,433 shares of the bank's stock valued at $1,051,000 after purchasing an additional 4,027 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of 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 in the last quarter. Institutional investors own 46.32% of the company's stock.

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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