SR Bancorp (NASDAQ:SRBK) Trading Up 0.7% – What’s Next?

SR Bancorp, Inc. (NASDAQ:SRBK) was up 0.7% on Tuesday . The company traded as high as $19.36 and last traded at $19.28. Approximately 17,771 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 36,329 shares. The stock had previously closed at $19.14.

Analysts Set New Price Targets

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

SR Bancorp Stock Performance

The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $18.83 and a 200-day simple moving average of $17.69. The company has a market capitalization of $156.17 million, a P/E ratio of 45.91 and a beta of 0.55.

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

SR Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.2%. This is a boost from SR Bancorp’s previous quarterly dividend of $0.05. The ex-dividend date is Tuesday, June 30th. SR Bancorp’s dividend payout ratio (DPR) is presently 57.14%.

SR Bancorp declared that its board has approved a share 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 purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of SR Bancorp

Several hedge funds have recently modified their holdings of SRBK. BNP Paribas Financial Markets boosted its holdings in shares of SR Bancorp by 142.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,353 shares of the company’s stock worth $36,000 after acquiring an additional 1,381 shares in the last quarter. Bank of America Corp DE increased its holdings in SR Bancorp by 4,158.2% during the 2nd 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. acquired a new stake in SR Bancorp during the 2nd quarter valued at $50,000. Russell Investments Group Ltd. bought a new position in SR Bancorp in the 3rd quarter valued at $53,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in SR Bancorp in the 2nd quarter valued at $58,000. Institutional investors and hedge funds own 24.70% of the company’s stock.

About SR Bancorp

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.