Melrose Bancorp (NASDAQ:MELR) announced that its board has authorized a stock repurchase plan, which authorizes the company to repurchase 130,000 shares on Thursday, September 14th, EventVestor reports. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Melrose Bancorp (NASDAQ:MELR) remained flat at $19.65 during midday trading on Friday. 72 shares of the stock were exchanged. The stock’s 50-day moving average is $18.11 and its 200-day moving average is $17.43. The firm has a market cap of $46.49 million, a P/E ratio of 24.41 and a beta of 0.28. Melrose Bancorp has a 52 week low of $14.80 and a 52 week high of $19.65.

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Melrose Bancorp Company Profile

Melrose Bancorp, Inc is the bank holding company of Melrose Cooperative Bank (the Bank). The Bank provides financial services to individuals, families and businesses through its banking office in Melrose, Massachusetts. The Bank’s primary business activity consists of taking deposits from the general public in its market area and investing those deposits, together with funds generated from operations.

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