SR Bancorp (NASDAQ:SRBK) Issues Quarterly Earnings Results

SR Bancorp (NASDAQ:SRBK) posted its quarterly earnings data on Wednesday. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01), Zacks reports. SR Bancorp had a return on equity of 1.61% and a net margin of 6.47%.The firm had revenue of $8.58 million for the quarter, compared to analyst estimates of $8.60 million.

SR Bancorp Trading Down 0.7%

SRBK traded down $0.14 during mid-day trading on Friday, reaching $19.30. The stock had a trading volume of 25,006 shares, compared to its average volume of 24,816. The stock has a market capitalization of $156.37 million, a P/E ratio of 42.90 and a beta of 0.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s fifty day simple moving average is $19.11 and its two-hundred day simple moving average is $17.98. SR Bancorp has a 52 week low of $13.55 and a 52 week high of $20.20.

SR Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.24 annualized dividend and a yield of 1.2%. This is a positive change from SR Bancorp’s previous quarterly dividend of $0.05. SR Bancorp’s dividend payout ratio (DPR) is currently 53.33%.

SR Bancorp declared that its board has initiated a stock repurchase program on Thursday, May 21st that permits the company to buyback 801,320,000,000 outstanding shares. This buyback authorization permits the company to buy up to 9.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On SR Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in SRBK. Jane Street Group LLC acquired a new position in shares of SR Bancorp during the first quarter valued at $263,000. Geode Capital Management LLC increased its position in SR Bancorp by 94.5% in the second quarter. Geode Capital Management LLC now owns 187,005 shares of the company’s stock worth $2,525,000 after purchasing an additional 90,873 shares during the period. JPMorgan Chase & Co. bought a new stake in SR Bancorp during the 2nd quarter worth about $50,000. New York State Common Retirement Fund bought a new stake in SR Bancorp during the 2nd quarter worth about $103,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in SR Bancorp during the 2nd quarter valued at about $155,000. Institutional investors own 24.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded SR Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Hovde Group lifted their price objective on SR Bancorp from $18.00 to $19.00 and gave the company a “market perform” rating in a research report on Monday, May 4th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of SR Bancorp in a research note on Monday, June 29th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

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.