Share Buyback Program Announced by SR Bancorp (NASDAQ:SRBK) Board

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

SR Bancorp Stock Up 0.8%

NASDAQ SRBK traded up $0.15 on Thursday, hitting $18.29. 110,191 shares of the stock traded hands, compared to its average volume of 56,817. The stock has a 50-day moving average of $17.73 and a 200 day moving average of $16.79. SR Bancorp has a twelve month low of $12.30 and a twelve month high of $19.61. The company has a market capitalization of $148.15 million, a P/E ratio of 43.55 and a beta of 0.64. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.27.

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

SR Bancorp Announces Dividend

The company 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. This represents a $0.20 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Tuesday, March 31st. SR Bancorp’s dividend payout ratio is 47.62%.

Analyst Ratings Changes

SRBK has been the subject of a number of research reports. Weiss Ratings raised SR Bancorp from a “hold (c)” rating to a “buy (b-)” rating in a research report on Wednesday, April 1st. Hovde Group boosted their price target 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. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Insiders Place Their Bets

In related news, CFO Harris M. Faqueri acquired 3,000 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was bought at an average price of $16.40 per share, for a total transaction of $49,200.00. Following the transaction, the chief financial officer owned 13,000 shares of the company’s stock, valued at approximately $213,200. The trade was a 30.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased 5,320 shares of company stock valued at $87,716 in the last three months. Corporate 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.