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

Key Points

• Magyar Bancorp shares rose above their 200-day moving average, reaching $19.37 versus the $18.16 average, though trading volume was light at 847 shares.
• The bank reported quarterly earnings of $0.49 per share on $10.25 million in revenue, with a 9.59% return on equity and an 18.89% net margin.
• Analysts maintain a “Hold” view, while the company’s quarterly dividend of $0.10 represents a 2.1% yield; institutional investors own 46.32% of outstanding shares.

Magyar Bancorp, Inc. (NASDAQ:MGYR - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $18.16 and traded as high as $19.37. Magyar Bancorp shares last traded at $19.37, with a volume of 847 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a "hold (c)" rating on shares of Magyar Bancorp in a research note on Friday, July 17th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat, Magyar Bancorp currently has an average rating of "Hold".

Magyar Bancorp Stock Performance

The business's 50 day moving average price is $19.35 and its 200-day moving average price is $18.16. The firm has a market cap of $125.13 million, a price-to-earnings ratio of 10.36 and a beta of 0.29.

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

Magyar Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders 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 annualized dividend and a dividend yield of 2.1%. Magyar Bancorp's dividend payout ratio (DPR) is presently 21.39%.

Institutional Investors Weigh In On Magyar Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in MGYR. Corient Private Wealth LP acquired a new position in Magyar Bancorp in the second quarter worth $698,000. BlackRock Inc. acquired a new stake in shares of Magyar Bancorp during the second quarter worth $359,000. M3F Inc. lifted its position in shares of Magyar Bancorp by 1.3% in the 1st quarter. M3F Inc. now owns 283,894 shares of the bank's stock worth $4,914,000 after buying an additional 3,544 shares during the last quarter. Finally, Maltese Capital Management LLC lifted its position in shares of Magyar Bancorp by 1.4% in the 4th quarter. Maltese Capital Management LLC now owns 242,553 shares of the bank's stock worth $4,191,000 after buying an additional 3,453 shares during the last quarter. 46.32% of the stock is owned by institutional investors and hedge funds.

About Magyar Bancorp

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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