Melrose Bancorp (NASDAQ:MELR) announced that its board has approved a stock repurchase plan, which allows the company to repurchase 130,000 shares on Thursday, September 14th, EventVestor reports. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Shares of Melrose Bancorp (NASDAQ:MELR) opened at 17.60 on Friday. The firm has a market capitalization of $41.64 million, a PE ratio of 21.86 and a beta of 0.28. Melrose Bancorp has a 12-month low of $14.83 and a 12-month high of $19.65. The stock has a 50 day moving average price of $18.11 and a 200 day moving average price of $17.44.
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About Melrose Bancorp
Melrose Bancorp, Inc is the bank holding company of Melrose Cooperative Bank (the Bank). The Bank provides financial services to individuals, families and businesses through its banking office in Melrose, Massachusetts. The Bank’s primary business activity consists of taking deposits from the general public in its market area and investing those deposits, together with funds generated from operations.
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