Magyar Bancorp, Inc. (NASDAQ:MGYR) Sees Significant Decrease in Short Interest

Magyar Bancorp, Inc. (NASDAQ:MGYR) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 11,000 shares, a drop of 26.7% from the September 30th total of 15,000 shares. Based on an average daily volume of 3,400 shares, the days-to-cover ratio is presently 3.2 days. Approximately 0.2% of the shares of the company are sold short. Approximately 0.2% of the shares of the company are sold short. Based on an average daily volume of 3,400 shares, the days-to-cover ratio is presently 3.2 days.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Magyar Bancorp

An institutional investor recently raised its position in Magyar Bancorp stock. Geode Capital Management LLC increased its stake in shares of Magyar Bancorp, Inc. (NASDAQ:MGYR) by 6.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,433 shares of the bank’s stock after buying an additional 4,027 shares during the period. Geode Capital Management LLC owned 0.96% of Magyar Bancorp worth $1,051,000 at the end of the most recent quarter. 46.32% of the stock is owned by institutional investors.

Magyar Bancorp Stock Down 0.4%

Shares of MGYR opened at $17.17 on Wednesday. The stock has a market cap of $110.75 million, a price-to-earnings ratio of 11.01 and a beta of 0.25. Magyar Bancorp has a 12 month low of $12.10 and a 12 month high of $19.04. The company has a 50-day moving average price of $17.12 and a two-hundred day moving average price of $16.42.

Magyar Bancorp (NASDAQ:MGYR) last announced its quarterly earnings results 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 firm had revenue of $9.25 million for the quarter.

Magyar Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Thursday, November 13th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, November 13th. Magyar Bancorp’s payout ratio is presently 20.51%.

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.