497,081 Shares in SR Bancorp, Inc. $SRBK Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 497,081 SR Bancorp shares during the second quarter, worth approximately $9.8 million and representing a 6.14% ownership stake. Institutional and hedge fund investors collectively own 24.70% of the company.
• Analyst sentiment is moderately positive: SR Bancorp has a consensus “Moderate Buy” rating and a $19.00 target price, with one Buy rating and one Hold rating.
• SR Bancorp reported quarterly EPS of $0.12, slightly below the $0.13 consensus estimate, while revenue of $8.58 million was broadly in line with expectations. The company also raised its quarterly dividend to $0.06 and authorized repurchases of up to 9.9% of its shares.

BlackRock Inc. acquired a new stake in shares of SR Bancorp, Inc. (NASDAQ:SRBK - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund acquired 497,081 shares of the company's stock, valued at approximately $9,783,000. BlackRock Inc. owned 6.14% of SR Bancorp as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Saber Capital Managment LLC purchased a new stake in shares of SR Bancorp in the fourth quarter worth $4,270,000. Geode Capital Management LLC raised its stake in SR Bancorp by 94.5% in the second quarter. Geode Capital Management LLC now owns 187,005 shares of the company's stock valued at $2,525,000 after purchasing an additional 90,873 shares in the last quarter. Renaissance Technologies LLC raised its stake in SR Bancorp by 0.6% in the first quarter. Renaissance Technologies LLC now owns 180,300 shares of the company's stock valued at $3,043,000 after purchasing an additional 1,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in SR Bancorp by 42.6% during the first quarter. Dimensional Fund Advisors LP now owns 91,104 shares of the company's stock valued at $1,538,000 after purchasing an additional 27,213 shares during the last quarter. Finally, Covalent Partners LLC lifted its position in SR Bancorp by 49.0% during the fourth quarter. Covalent Partners LLC now owns 60,000 shares of the company's stock valued at $944,000 after purchasing an additional 19,740 shares during the last quarter. 24.70% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on SRBK. Weiss Ratings reissued a "buy (b-)" rating on shares of SR Bancorp in a report on Monday, June 29th. Wall Street Zen raised shares of SR Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.00.

SR Bancorp Trading Up 1.3%

Shares of NASDAQ SRBK opened at $19.76 on Friday. SR Bancorp, Inc. has a 1 year low of $14.33 and a 1 year high of $20.95. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a 50-day moving average of $19.60 and a 200 day moving average of $18.49. The stock has a market cap of $160.06 million, a P/E ratio of 43.91 and a beta of 0.55.

SR Bancorp (NASDAQ:SRBK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.12 earnings per share for the quarter, missing analysts' consensus estimates of $0.13 by ($0.01). SR Bancorp had a return on equity of 1.61% and a net margin of 6.47%.The business had revenue of $8.58 million during the quarter, compared to analysts' expectations of $8.60 million.

SR Bancorp declared that its Board of Directors has authorized a share repurchase program on Thursday, May 21st that permits the company to repurchase 801,320,000,000 shares. This repurchase authorization permits the company to repurchase up to 9.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

SR Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.06 dividend. This is a boost from SR Bancorp's previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Tuesday, June 30th. SR Bancorp's payout ratio is currently 53.33%.

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.

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