Magyar Bancorp (NASDAQ:MGYR) Stock Crosses Above 200 Day Moving Average – Here’s Why

Shares of Magyar Bancorp, Inc. (NASDAQ:MGYR) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.23 and traded as high as $17.48. Magyar Bancorp shares last traded at $17.48, with a volume of 809 shares trading hands.

Magyar Bancorp Stock Up 2.2%

The company’s 50 day moving average price is $16.67 and its 200-day moving average price is $15.23. The stock has a market cap of $113.10 million, a P/E ratio of 11.13 and a beta of 0.22.

Magyar Bancorp (NASDAQ:MGYR) last posted its quarterly earnings data on Thursday, July 24th. The bank reported $0.40 earnings per share for the quarter. Magyar Bancorp had a net margin of 15.12% and a return on equity of 8.72%. The company had revenue of $8.81 million during the quarter.

Magyar Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.8%. This is a boost from Magyar Bancorp’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, August 7th. Magyar Bancorp’s dividend payout ratio is currently 20.38%.

Institutional Investors Weigh In On Magyar Bancorp

Several large investors have recently modified their holdings of MGYR. Renaissance Technologies LLC increased its position in shares of Magyar Bancorp by 16.1% during the fourth quarter. Renaissance Technologies LLC now owns 16,586 shares of the bank’s stock worth $242,000 after buying an additional 2,300 shares during the period. Northern Trust Corp increased its position in shares of Magyar Bancorp by 37.2% during the fourth quarter. Northern Trust Corp now owns 27,674 shares of the bank’s stock worth $404,000 after buying an additional 7,501 shares during the period. Geode Capital Management LLC increased its position in shares of Magyar Bancorp by 6.9% during the second quarter. Geode Capital Management LLC now owns 62,433 shares of the bank’s stock worth $1,051,000 after buying an additional 4,027 shares during the period. Truffle Hound Capital LLC acquired a new stake in shares of Magyar Bancorp during the second quarter worth $1,554,000. Finally, Dimensional Fund Advisors LP grew its holdings in 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 purchasing an additional 974 shares during the period. 46.32% of the stock is currently owned by institutional investors and hedge funds.

Magyar Bancorp Company Profile

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.