Magyar Bancorp (NASDAQ:MGYR) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Magyar Bancorp shares crossed above their 200-day moving average of $18.34, reaching $19.22 in light trading of 293 shares.
• Weiss Ratings maintained a “Hold (C)” rating, matching the company’s consensus “Hold” rating from analysts.
• The bank reported quarterly EPS of $0.49 on $10.25 million in revenue, while institutional investors own approximately 46.32% of its stock.

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 $18.34 and traded as high as $19.22. Magyar Bancorp shares last traded at $19.22, with a volume of 293 shares traded.

Key Stories Impacting Magyar Bancorp

Here are the key news stories impacting Magyar Bancorp this week:

• Neutral Sentiment: Hungarian authorities reportedly took Matolcsy into custody as part of an investigation into suspected financial crimes during or after his tenure as central bank governor. The reports do not identify Magyar Bancorp or any U.S. financial institution as being involved. Former Hungarian central bank chief Matolcsy detained in foundations probe
• Neutral Sentiment: Additional reports describe allegations involving fraud, abuse, and missing funds connected to foundations associated with Hungary’s central bank. The case is developing, and the reports describe allegations rather than established wrongdoing. Hungarian police arrest Orbán-era central bank governor on suspicion of fraud and abuse

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Magyar Bancorp in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, Magyar Bancorp presently has a consensus rating of "Hold".

Magyar Bancorp Trading Down 0.9%

The stock has a market capitalization of $124.16 million, a P/E ratio of 10.28 and a beta of 0.29. The firm's fifty day moving average is $19.37 and its 200-day moving average is $18.34.

Magyar Bancorp (NASDAQ:MGYR - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The bank reported $0.49 earnings per share (EPS) for the quarter. Magyar Bancorp had a return on equity of 9.59% and a net margin of 18.89%. The business had revenue of $10.25 million during the quarter.

Hedge Funds Weigh In On Magyar Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGYR. M3F Inc. raised its stake in shares of Magyar Bancorp by 1.3% in the 1st quarter. M3F Inc. now owns 283,894 shares of the bank's stock valued at $4,914,000 after purchasing an additional 3,544 shares during the period. Corient Private Wealth LP acquired a new position in shares of Magyar Bancorp during the second quarter worth about $698,000. Finally, BlackRock Inc. bought a new position in shares of Magyar Bancorp during the second quarter worth about $359,000. Institutional investors own 46.32% of the company's stock.

Magyar Bancorp Company Profile

Magyar Bancorp, Inc is the holding company for Magyar Bank, a community banking institution headquartered in New Brunswick, New Jersey. The bank serves individuals, families, businesses and nonprofit organizations primarily in central New Jersey through its branch network and digital banking services.

Magyar Bank provides a range of traditional banking products, including checking and savings accounts, certificates of deposit, residential and commercial real estate loans, construction financing, consumer loans and business lending.

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