David M. Orbach, the Executive Chair of SR Bancorp, Inc. (NASDAQ:SRBK), has recently made significant stock purchases according to a filing with the Securities and Exchange Commission. On December 9, Orbach acquired a total of 10,000 shares of common stock. The transactions were completed at prices ranging from $11.74 to $11.75 per share, amounting to a total value of $117,467. The purchase comes as the $101 million market cap company trades near its 52-week high, having delivered an impressive 30.4% return over the past six months.
Following these purchases, Orbach's direct ownership in the company increased to 140,000 shares. Additionally, Orbach holds 5,000 shares indirectly through his children and 1,419 shares through the company's Employee Stock Ownership Plan (ESOP). This move reflects a continued commitment to the company's growth and success, though InvestingPro analysis suggests the stock is currently trading above its Fair Value with a P/E ratio of 98x. For more detailed insights and additional ProTips on SRBK's valuation, visit InvestingPro.
In other recent news, SR Bancorp announced the approval of a new Equity Incentive Plan and the election of three directors, Mary E. Davey, Thomas Lupo, and John W. Mooney, at its Annual Meeting of Stockholders. The Equity Incentive Plan aims to align the interests of eligible employees, directors, and consultants with those of the company's stockholders. In addition, the stockholders confirmed Baker Tilly US, LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025.
Furthermore, SR Bancorp has initiated its first stock repurchase program, intending to repurchase up to 950,793 shares, approximately 10% of its outstanding common stock. The specifics of the program will be determined by various factors including market conditions, stock availability, trading price, potential alternative capital uses, and the company's financial performance.
Recent developments also highlight Somerset Regal Bank, SR Bancorp's subsidiary, reporting 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. These are the latest updates in SR Bancorp's ongoing operations and financial activities.
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