SR Bancorp (NASDAQ:SRBK) Issues Earnings Results, Hits Expectations

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

SR Bancorp Stock Performance

SR Bancorp stock traded up $0.34 during mid-day trading on Tuesday, reaching $19.61. The company’s stock had a trading volume of 16,968 shares, compared to its average volume of 42,457. The firm has a market cap of $158.84 million, a price-to-earnings ratio of 46.69 and a beta of 0.55. SR Bancorp has a twelve month low of $13.55 and a twelve month high of $20.20. The business has a 50 day moving average price of $19.03 and a 200-day moving average price 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 declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis 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 was Tuesday, June 30th. SR Bancorp’s payout ratio is 57.14%.

SR Bancorp declared that its Board of Directors has initiated a stock buyback program on Thursday, May 21st that permits the company to buyback 801,320,000,000 outstanding shares. This buyback authorization permits the company to purchase up to 9.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

SRBK has been the subject of a number of recent analyst reports. Hovde Group raised 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. Wall Street Zen raised SR Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, May 23rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of SR Bancorp in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Institutional Investors Weigh In On SR Bancorp

Institutional investors have recently modified their holdings of the business. Covalent Partners LLC raised its stake in SR Bancorp by 49.0% during the fourth quarter. Covalent Partners LLC now owns 60,000 shares of the company’s stock worth $944,000 after acquiring an additional 19,740 shares during the period. Russell Investments Group Ltd. boosted its stake in SR Bancorp by 164.4% in the fourth quarter. Russell Investments Group Ltd. now owns 9,466 shares of the company’s stock valued at $149,000 after acquiring an additional 5,886 shares during the period. Panagora Asset Management Inc. grew its holdings in shares of SR Bancorp by 16.2% during the fourth quarter. Panagora Asset Management Inc. now owns 28,404 shares of the company’s stock valued at $447,000 after purchasing an additional 3,950 shares during the last quarter. Barclays PLC grew its holdings in shares of SR Bancorp by 6.3% during the fourth quarter. Barclays PLC now owns 11,601 shares of the company’s stock valued at $183,000 after purchasing an additional 688 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of SR Bancorp by 41.1% during the 4th quarter. Wells Fargo & Company MN now owns 8,287 shares of the company’s stock worth $130,000 after purchasing an additional 2,412 shares during the period. Institutional investors own 24.70% 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.