Magyar Bancorp (NASDAQ:MGYR) Issues Quarterly Earnings Results

Magyar Bancorp (NASDAQ:MGYR) posted its quarterly earnings data on Wednesday. The bank reported $0.52 earnings per share for the quarter, FiscalAI reports. Magyar Bancorp had a return on equity of 10.11% and a net margin of 19.74%. The firm had revenue of $10.64 million during the quarter.

Magyar Bancorp Stock Up 0.8%

NASDAQ MGYR traded up $0.16 during trading hours on Friday, hitting $20.40. 2,649 shares of the stock were exchanged, compared to its average volume of 3,817. The stock has a 50-day moving average of $19.44 and a 200 day moving average of $18.19. The company has a market cap of $131.78 million, a price-to-earnings ratio of 10.25 and a beta of 0.29. Magyar Bancorp has a 12-month low of $16.03 and a 12-month high of $22.15.

Magyar Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Tuesday, November 10th will be paid a $0.12 dividend. This is an increase from Magyar Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date is Tuesday, November 10th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Magyar Bancorp’s dividend payout ratio (DPR) is 21.39%.

Institutional Trading of Magyar Bancorp

Several large investors have recently modified their holdings of MGYR. BlackRock Inc. acquired a new position in Magyar Bancorp in the 2nd quarter valued at about $359,000. Corient Private Wealth LP acquired a new stake in shares of Magyar Bancorp in the second quarter worth $698,000. Finally, M3F Inc. lifted its position in 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 acquiring an additional 3,544 shares in the last quarter. 46.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Magyar Bancorp in a report on Thursday, October 15th. One research analyst has rated the stock with a Hold rating. According to MarketBeat.com, the company has an average rating of “Hold”.

Magyar Bancorp Company Profile

Magyar Bancorp, Inc is the holding company for Magyar Bank, a community bank headquartered in New Brunswick, New Jersey. Through its banking subsidiary, the company provides deposit, lending and other financial services to individuals, families and businesses.

Magyar Bank’s products and services include checking and savings accounts, certificates of deposit, residential mortgages, home equity loans and lines of credit, consumer loans, commercial real estate financing and business loans.