Magyar Bancorp (NASDAQ:MGYR) Stock Price Crosses 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 Thursday . The stock has a 200-day moving average of $17.73 and traded as high as $19.50. Magyar Bancorp shares last traded at $19.44, with a volume of 2,747 shares changing hands.

Wall Street Analyst Weigh In

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

Magyar Bancorp Stock Down 0.7%

The firm has a market capitalization of $124.68 million, a PE ratio of 10.32 and a beta of 0.24. The business’s 50-day moving average price is $18.03 and its 200-day moving average price is $17.74.

Magyar Bancorp (NASDAQ:MGYR) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.49 EPS for the quarter. The firm had revenue of $10.25 million for the quarter. Magyar Bancorp had a net margin of 18.89% and a return on equity of 9.69%.

Magyar Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 6th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Thursday, August 6th. Magyar Bancorp’s payout ratio is currently 21.39%.

Hedge Funds Weigh In On Magyar Bancorp

A number of hedge funds have recently modified their holdings of MGYR. Truffle Hound Capital LLC boosted its position in Magyar Bancorp by 23.1% during the fourth quarter. Truffle Hound Capital LLC now owns 200,000 shares of the bank’s stock valued at $3,456,000 after purchasing an additional 37,514 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new position in Magyar Bancorp in the 4th quarter worth about $544,000. BlackRock Inc. acquired a new position in Magyar Bancorp in the 2nd quarter worth about $359,000. Geode Capital Management LLC raised its stake in shares of Magyar Bancorp by 6.9% during the 2nd quarter. Geode Capital Management LLC now owns 62,433 shares of the bank’s stock worth $1,051,000 after purchasing an additional 4,027 shares in the last quarter. Finally, M3F Inc. raised its stake in shares of Magyar Bancorp by 1.3% during the 1st quarter. M3F Inc. now owns 283,894 shares of the bank’s stock worth $4,914,000 after purchasing an additional 3,544 shares in the last quarter. 46.32% of the stock is owned by institutional investors and hedge funds.

About Magyar Bancorp

Magyar Bancorp, Inc is a bank holding company headquartered in Palos Hills, Illinois, that provides a range of commercial banking services through its subsidiary, Magyar Bank. Established to serve the financial needs of individuals and businesses in the Chicago suburbs, the company offers traditional banking products alongside specialized lending solutions. Magyar Bancorp’s operations focus on relationship banking, emphasizing personalized service and community engagement.

The company’s product suite includes deposit accounts such as checking, savings and money market accounts, as well as certificates of deposit.