Magyar Bancorp (NASDAQ:MGYR – Get Free Report) issued its quarterly earnings results on Wednesday. The bank reported $0.52 earnings per share (EPS) for the quarter, FiscalAI reports. Magyar Bancorp had a return on equity of 9.59% and a net margin of 18.89%. The firm had revenue of $10.64 million for the quarter.
Magyar Bancorp Stock Performance
Shares of MGYR traded up $0.15 during mid-day trading on Thursday, reaching $20.30. 910 shares of the company’s stock traded hands, compared to its average volume of 3,817. The business’s 50-day moving average price is $19.42 and its 200-day moving average price is $18.18. The stock has a market capitalization of $131.07 million, a P/E ratio of 10.86 and a beta of 0.29. Magyar Bancorp has a 12 month low of $16.03 and a 12 month high of $22.15.
Magyar Bancorp Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, November 10th will be given a dividend of $0.12 per share. This is an increase from Magyar Bancorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, November 10th. Magyar Bancorp’s payout ratio is currently 21.39%.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Magyar Bancorp in a report on Thursday, October 15th. One equities research analyst has rated the stock with a Hold rating. According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.
Check Out Our Latest Stock Analysis on Magyar Bancorp
Hedge Funds Weigh In On Magyar Bancorp
Institutional investors and hedge funds have recently modified their holdings of the stock. Corient Private Wealth LP bought a new stake in Magyar Bancorp in the second quarter worth $698,000. BlackRock Inc. bought a new position in shares of Magyar Bancorp in the second quarter worth about $359,000. Finally, M3F Inc. boosted its position in shares of Magyar Bancorp by 1.3% in the first 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. 46.32% of the stock is currently owned by hedge funds and other institutional investors.
About Magyar Bancorp
Magyar Bancorp, Inc is the holding company for Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Through its banking subsidiary, the company provides deposit, lending and other financial services to individuals, families and businesses.
Magyar Bank’s products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, consumer loans, commercial real estate financing and business loans.
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