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In a remarkable display of financial resilience, Magyar Bancorp (MGYR) stock has soared to a 52-week high, reaching a price level of $14.4 USD. With a market capitalization of $92.16 million and a P/E ratio of 11.54, the community bank demonstrates solid fundamentals. InvestingPro analysis indicates the stock is trading near its Fair Value, supported by a "GOOD" overall financial health score. This peak reflects a significant uptrend for the community bank holding company, which has witnessed an impressive year-to-date return of 24.66% and offers a dividend yield of 1.74%. Investors have shown increased confidence in Magyar Bancorp's performance, propelling the stock to new heights over the past year and underscoring the company's potential for sustained growth in a competitive banking landscape. InvestingPro subscribers can access additional insights, including 6 more exclusive ProTips and comprehensive financial metrics.
In other recent news, Magyar Bancorp has reported an increase in earnings for the fourth quarter and fiscal year ending September 30, 2024. The company's net income rose to $2.5 million for the quarter, up from $2.2 million in the same period last year, and the fiscal year saw a slight increase in net income to $7.8 million from $7.7 million. Earnings per share for the quarter and fiscal year were $0.41 and $1.23, respectively. The Board of Directors declared a quarterly cash dividend of $0.05 per share.
CEO John Fitzgerald attributed the company's performance to careful management and a 12% annual increase in the loan portfolio. The bank's net-interest margin also saw a slight increase. In addition to financial results, Fitzgerald announced the opening of a new branch in Martinsville. These are some of the recent developments for Magyar Bancorp.
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