Magyar Bancorp: Dividend Insights

Tuesday marks the last chance for investors to receive the next dividend payout from Magyar Bancorp MGYR.

What's Happening

The company announced on Thursday that it would pay shareholders a quarterly dividend of 5 cents per share. On Wednesday, Magyar Bancorp will go ex-dividend, meaning the stock will trade lower to reflect that payout. In other words, the stock will likely open 5 cents lower than it would have opened on any other day.

In order to be eligible to receive a company's dividend, shareholders must own the stock prior to the ex-dividend date—in this case, Wednesday. Shareholders who own MGYR as of the end of Tuesday's session are eligible to receive the 5 cents dividend payout for every share that they own.

According to the company, this dividend will be paid out to shareholders on February 22, 2024. Investors will then be able to either reinvest those dividends back into the stock or use the payment in some other way.

To keep track of which companies are distributing dividends, click here to visit our Dividends Calendar.