Magyar Bancorp (NASDAQ:MGYR) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

Magyar Bancorp, Inc. (NASDAQ:MGYR) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $16.53 and traded as high as $16.83. Magyar Bancorp shares last traded at $17.19, with a volume of 691 shares.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Magyar Bancorp in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold”.

Magyar Bancorp Stock Performance

The company has a market capitalization of $110.88 million, a P/E ratio of 11.02 and a beta of 0.25. The company has a 50-day simple moving average of $17.10 and a 200 day simple moving average of $16.53.

Magyar Bancorp (NASDAQ:MGYR) last posted its quarterly earnings data on Thursday, October 30th. The bank reported $0.40 earnings per share for the quarter. Magyar Bancorp had a return on equity of 8.56% and a net margin of 15.00%.The company had revenue of $9.25 million during the quarter.

Magyar Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Thursday, November 13th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.9%. The ex-dividend date is Thursday, November 13th. Magyar Bancorp’s dividend payout ratio (DPR) is currently 20.51%.

Institutional Investors Weigh In On Magyar Bancorp

Hedge funds have recently made changes to their positions in the stock. Oppenheimer & Close LLC bought a new stake in shares of Magyar Bancorp in the third quarter valued at about $416,000. Geode Capital Management LLC raised its holdings in Magyar Bancorp by 6.9% in the 2nd quarter. Geode Capital Management LLC now owns 62,433 shares of the bank’s stock valued at $1,051,000 after acquiring an additional 4,027 shares in the last quarter. Finally, Truffle Hound Capital LLC bought a new stake in shares of Magyar Bancorp in the 2nd quarter worth approximately $1,554,000. Institutional investors own 46.32% of the company’s stock.

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.