Stock News in Focus: Magyar Bancorp (NASDAQ:MGYR) reveals the results of its operations for the three months

Magyar Bancorp (NASDAQ:MGYR) stock observed trading -2.10% off 52-week high price. On the other end, the stock has been noted 15.32% away from low price over the last 52-weeks. The stock disclosed a move of 4.84% away from 50 day moving average and 4.21% away from 200 day moving average. Moving closer, we can see that shares have been trading 2.93% off 20-day moving average. It has market cap of $73.33M.

On Jan. 24, 2020, Magyar Bancorp (NASDAQ:MGYR) parent company of Magyar Bank, revealed the results of its operations for the three months ended December 31, 2019.

The Company reported net income of $553,000 for the three months ended December 31, 2019, compared with net income of $685,000 for the three months ended December 31, 2018.

Basic and diluted earnings per share were $0.10 for the three months ended December 31, 2019 compared to $0.12 for the three months ended December 31, 2018.

The first three months of our fiscal year was another positive quarter for Magyar Bancorp, stated John Fitzgerald, President and Chief Executive Officer.  Despite a 25basis point cut in interest rates by the Federal Reserve during the quarter, which occurred just a month after another 25 basis point rate cut, Magyar’s net interest margin increased on a year over year basis to 3.44% for the three months ended December 31, 2019. The Bank’s ability to increase non-interest bearing deposits by 4% during the quarter played a key role in growing our net interest margin. In addition, the Bank saw a 10% reduction in Total Non-Performing Assets, and we expect this trend to continue in the new calendar year. Looking ahead, we expect to continue to capitalize on our relationships throughout our marketplace and build on the momentum generated in 2019 for both deposit and loan growth.

The USA based company Magyar Bancorp moved with change of 2.25% to $12.6 with the total traded volume of 1137 shares in recent session versus to an average volume of 1.27K. The stock was observed in the 5 days activity at 0.76%. The one month performance of stock was 0.96%. MGYR’s shares are at 7.14% for the quarter and driving a -1.25% return over the course of the past year and is now at 2.44% since this point in 2018.  Right now the stock beta is 0.08. The average volatility for the week and month was at 0.51% and 0.89% respectively. There are 5.82M shares outstanding and 2.39M shares are floated in market.

John Gonzalez covers business and finance news. He is the only person we trust to provide breaking news in the finance category. Having already completed an Associates Degree in Psychology, John Gonzalez is now finishing his Bachelor’s degree in Communications. In preparation for working in the advertisement sector, John is writing financial content and analysis. On a daily basis, he works on articles regarding the following topics: business, top trends, technology, and politics.

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