In a remarkable display of market confidence, SR Bancorp’s stock has surged to an all-time high, reaching a pinnacle of $12.76. With a market capitalization of $105.5 million, the company currently trades at a notably high P/E ratio of 98, according to InvestingPro data. This significant milestone underscores a period of robust growth for the financial institution, which has seen its shares escalate in value by an impressive 26.78% over the past year, including a substantial 31% gain in the past six months. Investors have rallied behind SR Bancorp, buoyed by strong financial performance and favorable market conditions, propelling the stock to new heights and setting a new benchmark for the company’s market valuation. InvestingPro’s Fair Value analysis suggests the stock may be overvalued at current levels, with additional insights available through InvestingPro’s comprehensive financial health score system.
In other recent news, SR Bancorp has been active with significant developments. The company’s stockholders approved a new Equity Incentive Plan in a recent Annual Meeting. The plan is designed to offer equity-based compensation to eligible employees, directors, and consultants, aligning their interests with those of the company’s stockholders. This development was followed by the election of three directors, Mary E. Davey, Thomas Lupo, and John W. Mooney, who were elected to serve three-year terms on the board of directors.
In addition, the stockholders ratified the appointment of Baker Tilly US, LLP as the company’s independent registered public accounting firm for the fiscal year ending June 30, 2025. Another notable development is SR Bancorp’s initiation of its first stock repurchase program, with plans to repurchase up to 950,793 shares, roughly 10% of its outstanding common stock.
The company has not committed to a fixed number of shares or a specific timeline for the repurchase. The specifics of the program will be determined by various factors including market conditions, stock availability, trading price, potential alternative capital uses, and SR Bancorp’s financial performance. These recent developments come as the company reported total assets of $1.02 billion, net loans of $731.9 million, deposits totaling $807.1 million, and total equity of $199.5 million as of June 30, 2024.
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