Alliancebernstein L.P. decreased its stake in shares of Melrose Bancorp, Inc. (NASDAQ:MELR) by 0.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,244 shares of the financial services provider’s stock after selling 6 shares during the period. Alliancebernstein L.P. owned about 3.07% of Melrose Bancorp worth $1,293,000 at the end of the most recent reporting period.

Separately, Seidman Lawrence B lifted its position in Melrose Bancorp by 0.7% during the second quarter. Seidman Lawrence B now owns 108,862 shares of the financial services provider’s stock valued at $1,963,000 after purchasing an additional 726 shares during the period. 40.90% of the stock is currently owned by institutional investors and hedge funds.

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Melrose Bancorp, Inc. (MELR) opened at 19.1489 on Wednesday. The company’s 50-day moving average is $19.03 and its 200-day moving average is $17.91. The company has a market cap of $45.31 million, a P/E ratio of 23.7875 and a beta of 0.31. Melrose Bancorp, Inc. has a 12 month low of $15.25 and a 12 month high of $20.00.

Melrose Bancorp announced that its board has authorized a stock repurchase program on Thursday, September 14th that authorizes the company to buyback 130,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Melrose Bancorp Company Profile

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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