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

Key Points

• Magyar Bancorp's stock price surpassed its 200-day moving average of $15.42, trading as high as $17.35 before closing at $17.15.
• The company reported a quarterly EPS of $0.40 with a net margin of 15.12% and a return on equity of 8.64%, contributing to a revenue of $8.81 million.
• Magyar Bancorp increased its quarterly dividend to $0.08 from $0.06, representing a 1.9% dividend yield with a payout ratio of 20.38%.

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.42 and traded as high as $17.35. Magyar Bancorp shares last traded at $17.15, with a volume of 5,885 shares.

Magyar Bancorp Stock Up 0.2%

The business's fifty day moving average price is $16.95 and its 200 day moving average price is $15.45. The firm has a market capitalization of $110.88 million, a PE ratio of 10.95 and a beta of 0.23.

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 for the quarter. The business had revenue of $8.81 million during the quarter. Magyar Bancorp had a net margin of 15.12% and a return on equity of 8.64%.

Magyar Bancorp Increases Dividend

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

Hedge Funds Weigh In On Magyar Bancorp

A number of institutional investors have recently modified their holdings of the company. Truffle Hound Capital LLC acquired a new position in shares of Magyar Bancorp in the second quarter valued at approximately $1,554,000. Geode Capital Management LLC boosted its position 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 worth $1,051,000 after acquiring an additional 4,027 shares during the last quarter. Northern Trust Corp boosted its position 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 worth $404,000 after acquiring an additional 7,501 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Magyar Bancorp by 0.7% in 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 last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Magyar Bancorp by 16.1% in the fourth quarter. Renaissance Technologies LLC now owns 16,586 shares of the bank's stock worth $242,000 after acquiring an additional 2,300 shares during the last quarter. Institutional investors and hedge funds 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.