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

Key Points

• Magyar Bancorp shares moved above their 200-day moving average, reaching $19.46 before last trading at $19.28, compared with the average of $18.03.
• Analysts maintain a cautious outlook: Weiss Ratings reaffirmed a “hold (c)” rating, and the stock has a consensus “Hold” rating.
• The company reported quarterly earnings of $0.49 per share on $10.25 million in revenue and declared a $0.10 quarterly dividend, equivalent to a 2.1% yield.

Shares of Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $18.03 and traded as high as $19.46. Magyar Bancorp shares last traded at $19.28, with a volume of 2,170 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Magyar Bancorp in a report on Friday, July 17th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus rating of "Hold".

Magyar Bancorp Stock Down 0.6%

The stock has a market cap of $124.55 million, a PE ratio of 10.31 and a beta of 0.24. The business has a 50 day moving average price of $19.08 and a 200 day moving average price of $18.03.

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

Magyar Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were given a $0.10 dividend. The ex-dividend date was Thursday, August 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.1%. Magyar Bancorp's dividend payout ratio is 21.39%.

Hedge Funds Weigh In On Magyar Bancorp

Large investors have recently bought and sold shares of the business. M3F Inc. grew its stake in 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 acquiring an additional 3,544 shares during the period. Maltese Capital Management LLC raised its holdings in shares of Magyar Bancorp by 1.4% during the fourth quarter. Maltese Capital Management LLC now owns 242,553 shares of the bank's stock valued at $4,191,000 after acquiring an additional 3,453 shares during the last quarter. Corient Private Wealth LP acquired a new stake in shares of Magyar Bancorp in the second quarter worth approximately $698,000. Finally, BlackRock Inc. purchased a new stake in shares of Magyar Bancorp during the second quarter worth approximately $359,000. Institutional investors and hedge funds 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 and businesses in central New Jersey through a network of branch offices and digital banking services.

Magyar Bank offers a range of traditional banking products, including checking and savings accounts, certificates of deposit, consumer loans, residential mortgages, home equity financing and commercial real estate and business loans.

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