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Home » Stock Market News » SR Bancorp adopts stock repurchase program

SR Bancorp adopts stock repurchase program

Written by Miroslav Marinov
Miroslav Marinov
Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.
, | Updated: October 30, 2024

SR Bancorp Inc (NASDAQ: SRBK), the holding company for Somerset Regal Bank, said on Friday that it had adopted a program to buy back up to 950,793 shares of its common stock – or nearly 10% of its outstanding common stock.

This is the first stock repurchase program since the company completed its stock offering on September 19th 2023.

“We are pleased to have a strong capital position giving us the ability to purchase our common stock,” William P. Taylor, Chief Executive Officer of SR Bancorp Inc, said in a press release.

Stock Performance

The shares of SR Bancorp Inc (SRBK) closed 1.57% ($0.17) higher at $11.02 on Nasdaq on Friday, as they extended the gains from the previous five market sessions.

The company’s total market cap now stands at $104.777 million.

The shares of SR Bancorp Inc (SRBK) went down 4.40% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).

The company’s shares have risen 15.27% so far this year.

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