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

Magyar Bancorp, Inc. (NASDAQ:MGYR) was the target of a large drop in short interest in October. As of October 15th, there was short interest totaling 11,000 shares, a drop of 26.7% from the September 30th total of 15,000 shares. Approximately 0.2% of the shares of the stock are short sold. Based on an average trading volume of 3,400 shares, the days-to-cover ratio is presently 3.2 days. Based on an average trading volume of 3,400 shares, the days-to-cover ratio is presently 3.2 days. Approximately 0.2% of the shares of the stock are short sold.

Institutional Investors Weigh In On Magyar Bancorp

An institutional investor recently bought a new position in Magyar Bancorp stock. Truffle Hound Capital LLC acquired a new position in shares of Magyar Bancorp, Inc. (NASDAQ:MGYR) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 93,241 shares of the bank’s stock, valued at approximately $1,554,000. Truffle Hound Capital LLC owned approximately 1.44% of Magyar Bancorp at the end of the most recent reporting period. 46.32% of the stock is owned by hedge funds and other institutional investors.

Magyar Bancorp Stock Performance

MGYR stock opened at $17.13 on Monday. The stock has a market cap of $110.49 million, a P/E ratio of 10.98 and a beta of 0.25. The firm has a 50 day simple moving average of $17.12 and a 200 day simple moving average of $16.37. Magyar Bancorp has a 52 week low of $12.10 and a 52 week high of $19.04.

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

Magyar Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 25th. Stockholders of record on Thursday, November 13th will be issued a dividend of $0.08 per share. The ex-dividend date is Thursday, November 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.9%. Magyar Bancorp’s payout ratio is 20.51%.

Wall Street Analyst Weigh In

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

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.