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

Magyar Bancorp, Inc. (NASDAQ:MGYRGet Free Report) was the recipient of a significant drop in short interest in the month of February. As of February 15th, there was short interest totalling 3,800 shares, a drop of 24.0% from the January 31st total of 5,000 shares. Based on an average daily volume of 4,700 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGYR. Northern Trust Corp purchased a new position in shares of Magyar Bancorp in the second quarter valued at $106,000. BlackRock Inc. increased its position in shares of Magyar Bancorp by 76.4% in the first quarter. BlackRock Inc. now owns 16,318 shares of the bank’s stock valued at $193,000 after buying an additional 7,067 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Magyar Bancorp by 32.5% in the fourth quarter. Renaissance Technologies LLC now owns 17,700 shares of the bank’s stock valued at $227,000 after buying an additional 4,343 shares in the last quarter. BHZ Capital Management LP purchased a new position in shares of Magyar Bancorp in the fourth quarter valued at $318,000. Finally, Geode Capital Management LLC increased its position in shares of Magyar Bancorp by 11.7% in the second quarter. Geode Capital Management LLC now owns 35,632 shares of the bank’s stock valued at $369,000 after buying an additional 3,742 shares in the last quarter. Hedge funds and other institutional investors own 28.56% of the company’s stock.

Magyar Bancorp Stock Down 0.7 %

Shares of NASDAQ MGYR traded down $0.08 during mid-day trading on Monday, hitting $11.26. 4,970 shares of the company were exchanged, compared to its average volume of 4,595. The stock has a 50 day simple moving average of $11.44 and a 200-day simple moving average of $10.52. Magyar Bancorp has a 1-year low of $9.00 and a 1-year high of $12.65. The firm has a market cap of $74.88 million, a price-to-earnings ratio of 9.61 and a beta of 0.32.

Magyar Bancorp (NASDAQ:MGYRGet Free Report) last released its quarterly earnings data on Thursday, January 25th. The bank reported $0.26 earnings per share (EPS) for the quarter. The firm had revenue of $7.85 million during the quarter. Magyar Bancorp had a return on equity of 7.27% and a net margin of 17.23%.

Magyar Bancorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 22nd. Shareholders of record on Thursday, February 8th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.78%. The ex-dividend date was Wednesday, February 7th. Magyar Bancorp’s payout ratio is 16.95%.

About Magyar Bancorp

(Get Free Report)

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.

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