Short Interest in Magyar Bancorp, Inc. (NASDAQ:MGYR) Declines By 38.1%

Magyar Bancorp, Inc. (NASDAQ:MGYR) was the recipient of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 3,900 shares, a decrease of 38.1% from the February 28th total of 6,300 shares. Currently, 0.1% of the company’s stock are sold short. Based on an average daily volume of 2,100 shares, the short-interest ratio is presently 1.9 days.

Magyar Bancorp Stock Performance

MGYR stock traded down $0.11 on Friday, hitting $13.98. 4,731 shares of the company’s stock were exchanged, compared to its average volume of 4,106. The firm has a 50 day moving average price of $14.44 and a two-hundred day moving average price of $13.66. Magyar Bancorp has a 12-month low of $10.66 and a 12-month high of $14.90. The stock has a market cap of $90.59 million, a P/E ratio of 10.67 and a beta of 0.29.

Magyar Bancorp (NASDAQ:MGYR) last issued its quarterly earnings results on Thursday, January 23rd. The bank reported $0.33 earnings per share 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 business also recently declared a quarterly dividend, which was paid on Thursday, February 20th. Shareholders of record on Thursday, February 6th were paid a dividend of $0.06 per share. This is a positive change from Magyar Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Thursday, February 6th. This represents a $0.24 dividend on an annualized basis and a yield of 1.72%. Magyar Bancorp’s dividend payout ratio is presently 18.32%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MGYR. Renaissance Technologies LLC grew its holdings in shares of Magyar Bancorp by 16.1% during the fourth quarter. Renaissance Technologies LLC now owns 16,586 shares of the bank’s stock valued at $242,000 after buying an additional 2,300 shares during the last quarter. Northern Trust Corp lifted its position 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 during the period. Geode Capital Management LLC grew its stake in Magyar Bancorp by 6.3% during 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 increased its holdings in shares of Magyar Bancorp by 0.7% in 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. Finally, PL Capital Advisors LLC raised its stake in shares of Magyar Bancorp by 1,360.0% in 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 during the last quarter. Hedge funds and other institutional investors 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.