SR Bancorp (NASDAQ:SRBK) Announces Quarterly Earnings Results

SR Bancorp (NASDAQ:SRBK) released its quarterly earnings data on Tuesday. The company reported $0.13 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.13, FiscalAI reports. The firm had revenue of $8.58 million during the quarter, compared to analysts’ expectations of $8.60 million. SR Bancorp had a return on equity of 1.41% and a net margin of 6.39%.

SR Bancorp Price Performance

Shares of SRBK stock traded up $0.34 during mid-day trading on Tuesday, reaching $19.61. The stock had a trading volume of 16,970 shares, compared to its average volume of 42,487. SR Bancorp has a 12-month low of $13.55 and a 12-month high of $20.20. The company has a market cap of $158.84 million, a P/E ratio of 46.69 and a beta of 0.55. The business has a 50-day simple moving average of $19.03 and a 200 day simple moving average of $17.91. 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 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.06 dividend. 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. The ex-dividend date of this dividend was Tuesday, June 30th. SR Bancorp’s dividend payout ratio is currently 57.14%.

Institutional Investors Weigh In On SR Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its holdings in SR Bancorp by 142.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,353 shares of the company’s stock valued at $36,000 after acquiring an additional 1,381 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of SR Bancorp by 4,158.2% in the second quarter. Bank of America Corp DE now owns 3,364 shares of the company’s stock valued at $45,000 after purchasing an additional 3,285 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of SR Bancorp in the second quarter valued at about $50,000. Russell Investments Group Ltd. acquired a new stake in shares of SR Bancorp in the third quarter valued at approximately $53,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of SR Bancorp in the second quarter valued at approximately $58,000. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

SR Bancorp announced that its board has authorized a stock buyback plan on Thursday, May 21st that permits the company to repurchase 801,320,000,000 outstanding shares. This repurchase authorization permits the company to reacquire up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

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.