Magyar Bancorp (NASDAQ:MGYR) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Magyar Bancorp's stock price has crossed above its 200-day moving average of $15.53, reaching a high of $17.50 during trading.
• The recent quarterly earnings report showed a 0.40 EPS and revenue of $8.81 million, indicating a net margin of 15.12% and a return on equity of 8.64%.
• The company increased its quarterly dividend to $0.08, up from $0.06, resulting in a 1.8% dividend yield and a payout ratio of 20.38%.

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $15.53 and traded as high as $17.50. Magyar Bancorp shares last traded at $17.30, with a volume of 1,552 shares trading hands.

Magyar Bancorp Price Performance

The stock has a market capitalization of $111.60 million, a PE ratio of 11.02 and a beta of 0.23. The stock's 50 day simple moving average is $17.01 and its two-hundred day simple moving average is $15.53.

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

Magyar Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th were paid a $0.08 dividend. This is a positive change 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 dividend payout ratio is currently 20.38%.

Institutional Investors Weigh In On Magyar Bancorp

Several institutional investors have recently added to or reduced their stakes in MGYR. Northern Trust Corp lifted its position 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 worth $404,000 after purchasing an additional 7,501 shares during the period. Geode Capital Management LLC increased its stake in shares of Magyar Bancorp by 6.9% in 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. Truffle Hound Capital LLC bought a new position in shares of Magyar Bancorp in the 2nd quarter worth about $1,554,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Magyar Bancorp by 0.7% in the 4th 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 in the last quarter. Hedge funds and other 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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