Magyar Bancorp (NASDAQ:MGYR) Stock Passes 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 $16.71 and traded as high as $17.00. Magyar Bancorp shares last traded at $17.00, with a volume of 7,884 shares traded.

Analyst Upgrades and Downgrades

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

Magyar Bancorp Price Performance

The stock has a 50-day moving average price of $17.02 and a two-hundred day moving average price of $16.71. The stock has a market cap of $109.65 million, a PE ratio of 10.90 and a beta of 0.25.

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

Magyar Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 25th. Shareholders of record on Thursday, November 13th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, November 13th. Magyar Bancorp’s payout ratio is presently 20.51%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Geode Capital Management LLC grew its stake in Magyar Bancorp by 6.9% in the 2nd quarter. Geode Capital Management LLC now owns 62,433 shares of the bank’s stock worth $1,051,000 after acquiring an additional 4,027 shares in the last quarter. Truffle Hound Capital LLC purchased a new stake in shares of Magyar Bancorp in the second quarter valued at approximately $1,554,000. Oppenheimer & Close LLC bought a new position in Magyar Bancorp in the third quarter worth approximately $416,000. Finally, Dimensional Fund Advisors LP grew its stake in Magyar Bancorp by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 135,352 shares of the bank’s stock worth $2,311,000 after purchasing an additional 737 shares in the last quarter. Hedge funds and other institutional investors own 46.32% of the company’s stock.

About Magyar Bancorp

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.