SR Bancorp (NASDAQ:SRBK) to Repurchase 801,320,000,000 Outstanding Shares

SR Bancorp (NASDAQ:SRBK) declared that its board has initiated a share repurchase plan on Thursday, May 21st, RTT News reports. The company plans to repurchase 801,320,000,000 shares. This repurchase authorization permits the company to reacquire up to 9.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

SR Bancorp Stock Performance

SR Bancorp stock traded up $0.15 during trading hours on Thursday, hitting $18.29. The company had a trading volume of 110,191 shares, compared to its average volume of 56,817. The firm has a market cap of $148.15 million, a PE ratio of 43.55 and a beta of 0.64. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.04 and a quick ratio of 1.04. SR Bancorp has a one year low of $12.30 and a one year high of $19.61. The firm has a 50-day moving average of $17.73 and a 200 day moving average of $16.79.

SR Bancorp (NASDAQ:SRBK) last announced its earnings results on Tuesday, April 28th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. SR Bancorp had a net margin of 6.39% and a return on equity of 1.41%. The firm had revenue of $8.36 million for the quarter, compared to analyst estimates of $8.50 million.

SR Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a $0.05 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.20 dividend on an annualized basis and a yield of 1.1%. SR Bancorp’s dividend payout ratio (DPR) is currently 47.62%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SRBK shares. Hovde Group upped their price objective on SR Bancorp from $18.00 to $19.00 and gave the stock a “market perform” rating in a report on Monday, May 4th. Weiss Ratings raised shares of SR Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Insiders Place Their Bets

In related news, CFO Harris M. Faqueri bought 3,000 shares of the business’s stock in a transaction on Monday, March 16th. The shares were purchased at an average price of $16.40 per share, for a total transaction of $49,200.00. Following the completion of the transaction, the chief financial officer directly owned 13,000 shares of the company’s stock, valued at approximately $213,200. This represents a 30.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Insiders have purchased a total of 5,320 shares of company stock valued at $87,716 in the last quarter. Company insiders own 7.82% of the company’s stock.

SR Bancorp Company Profile

SR Bancorp, Inc is a bank holding company that provides a broad array of banking and financial services through its wholly owned subsidiary. The firm focuses on serving community markets and maintaining close relationships with individuals, small businesses and local institutions.

Its product suite includes traditional deposit accounts such as checking and savings, certificates of deposit and money market accounts. On the lending side, SR Bancorp offers consumer, residential mortgage and commercial loans, as well as specialized lending solutions for small and mid-sized businesses.