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

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

Institutional Trading of Magyar Bancorp

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

Magyar Bancorp Trading Down 0.8 %

NASDAQ:MGYR traded down $0.11 during trading hours on Friday, hitting $13.98. 4,731 shares of the company traded hands, compared to its average volume of 4,106. Magyar Bancorp has a twelve month low of $10.66 and a twelve month high of $14.90. The firm has a 50-day moving average of $14.44 and a 200 day moving average of $13.68. The stock has a market capitalization of $90.59 million, a price-to-earnings ratio of 10.67 and a beta of 0.29.

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

Magyar Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were issued a $0.06 dividend. This is a boost from Magyar Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, February 6th. This represents a $0.24 annualized dividend and a yield of 1.72%. Magyar Bancorp’s dividend payout ratio is 18.32%.

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.