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

Magyar Bancorp, Inc. (NASDAQ:MGYR) saw 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. Currently, 0.1% of the company’s shares are short sold. Based on an average daily trading volume, of 3,700 shares, the days-to-cover ratio is presently 1.5 days.

Magyar Bancorp Stock Performance

Shares of Magyar Bancorp stock traded up $0.27 on Friday, hitting $14.18. The stock had a trading volume of 3,005 shares, compared to its average volume of 4,785. The stock has a 50 day moving average of $12.58 and a 200 day moving average of $12.00. Magyar Bancorp has a twelve month low of $9.67 and a twelve month high of $14.30. The firm has a market capitalization of $92.03 million, a P/E ratio of 11.44 and a beta of 0.27.

Magyar Bancorp Cuts Dividend

The company also recently declared a dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.04 per share. The ex-dividend date is Friday, December 6th. Magyar Bancorp’s payout ratio is 16.13%.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Magyar Bancorp stock. Private Advisor Group LLC purchased a new position in shares of Magyar Bancorp, Inc. (NASDAQ:MGYR) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 11,064 shares of the bank’s stock, valued at approximately $136,000. Private Advisor Group LLC owned about 0.17% of Magyar Bancorp as of its most recent filing with the SEC. Institutional investors and hedge funds own 46.32% of the company’s stock.

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.