Magyar Bancorp, Inc. (NASDAQ:MGYR) Sees Large Decline in Short Interest

Magyar Bancorp, Inc. (NASDAQ:MGYR) saw a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 3,900 shares, a decline of 38.1% from the February 28th total of 6,300 shares. Approximately 0.1% of the company’s shares are short sold. Based on an average daily volume of 2,100 shares, the days-to-cover ratio is currently 1.9 days.

Magyar Bancorp Trading Down 0.6 %

MGYR traded down $0.08 on Monday, hitting $13.90. The company had a trading volume of 2,081 shares, compared to its average volume of 4,097. The company’s fifty day moving average price is $14.44 and its 200 day moving average price is $13.68. Magyar Bancorp has a 1 year low of $10.66 and a 1 year high of $14.90. The firm has a market cap of $90.07 million, a P/E ratio of 10.61 and a beta of 0.29.

Magyar Bancorp (NASDAQ:MGYR) last posted its quarterly earnings data on Thursday, January 23rd. The bank reported $0.33 earnings per share (EPS) for the quarter. Magyar Bancorp had a return on equity of 7.49% and a net margin of 15.25%.

Magyar Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were issued a dividend of $0.06 per share. The ex-dividend date was Thursday, February 6th. This is a positive change from Magyar Bancorp’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.73%. Magyar Bancorp’s dividend payout ratio is 18.32%.

Hedge Funds Weigh In On Magyar Bancorp

Institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC boosted its holdings in Magyar Bancorp by 16.1% in the fourth quarter. Renaissance Technologies LLC now owns 16,586 shares of the bank’s stock valued at $242,000 after purchasing an additional 2,300 shares during the period. Northern Trust Corp grew its holdings in Magyar Bancorp by 37.2% during the 4th quarter. Northern Trust Corp now owns 27,674 shares of the bank’s stock worth $404,000 after acquiring an additional 7,501 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Magyar Bancorp by 6.3% in the 3rd quarter. Geode Capital Management LLC now owns 57,876 shares of the bank’s stock valued at $713,000 after purchasing an additional 3,437 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Magyar Bancorp by 0.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 133,227 shares of the bank’s stock worth $1,930,000 after purchasing an additional 974 shares during the last quarter. Finally, PL Capital Advisors LLC grew its stake in shares of Magyar Bancorp by 1,360.0% during the fourth quarter. PL Capital Advisors LLC now owns 3,716,532 shares of the bank’s stock worth $54,261,000 after purchasing an additional 3,461,975 shares in the last quarter. Institutional investors and hedge funds own 46.32% of the company’s stock.

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.