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

Magyar Bancorp, Inc. (NASDAQ:MGYR) was the target of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 5,400 shares, a growth of 54.3% from the October 31st total of 3,500 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average daily volume of 3,700 shares, the days-to-cover ratio is presently 1.5 days.

Magyar Bancorp Price Performance

MGYR traded up $0.27 on Friday, hitting $14.18. 3,005 shares of the stock were exchanged, compared to its average volume of 4,785. Magyar Bancorp has a 12 month low of $9.67 and a 12 month high of $14.30. The business has a 50-day moving average of $12.58 and a two-hundred day moving average of $12.00. The firm has a market capitalization of $92.03 million, a price-to-earnings ratio of 11.44 and a beta of 0.27.

Magyar Bancorp Cuts Dividend

The business also recently announced a dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.04 dividend. The ex-dividend date is Friday, December 6th. Magyar Bancorp’s dividend payout ratio (DPR) is currently 16.13%.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Magyar Bancorp stock. Private Advisor Group LLC acquired a new stake in Magyar Bancorp, Inc. (NASDAQ:MGYR) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 11,064 shares of the bank’s stock, valued at approximately $136,000. Private Advisor Group LLC owned 0.17% of Magyar Bancorp at the end of the most recent reporting period. 46.32% of the stock is currently owned by institutional investors and hedge funds.

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.