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

Magyar Bancorp, Inc. (NASDAQ:MGYR)’s stock price crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-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.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magyar Bancorp in a report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Magyar Bancorp presently has a consensus rating of “Hold”.

Magyar Bancorp Trading Up 0.6%

The company’s 50-day simple moving average is $19.11 and its 200 day simple moving average is $18.05. The stock has a market cap of $124.94 million, a P/E ratio of 10.34 and a beta of 0.24.

Magyar Bancorp (NASDAQ:MGYR) last released its earnings results on Thursday, July 23rd. The bank reported $0.49 earnings per share (EPS) 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, August 6th. Magyar Bancorp’s dividend payout ratio is 21.39%.

Institutional Investors Weigh In On Magyar Bancorp

Several large investors have recently made changes to their positions in MGYR. M3F Inc. boosted its holdings 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. Maltese Capital Management LLC increased its holdings in Magyar Bancorp by 1.4% during the fourth 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. Corient Private Wealth LP purchased a new stake in Magyar Bancorp during the second quarter worth about $698,000. Finally, BlackRock Inc. bought a new stake in Magyar Bancorp in the second quarter worth about $359,000. 46.32% of the stock is owned by hedge funds and other institutional investors.

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.