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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