BROCKTON, Mass. - HarborOne Bancorp, Inc. (NASDAQ:HONE), the parent company of HarborOne Bank, has declared a quarterly cash dividend for its shareholders. On Thursday, the company announced that a dividend of $0.08 per share will be distributed on July 24, 2024, to shareholders recorded by the close of business on July 10, 2024.
This declaration follows HarborOne Bancorp's commitment to providing value to its shareholders and reflects its financial performance and outlook. Dividends are a way for the company to share its earnings with investors, and the announcement of a cash dividend can be an indication of a company's healthy financial standing and confidence in its future profitability.
HarborOne Bank, a Massachusetts-chartered trust company, serves the financial needs of individuals, businesses, and municipalities in Eastern Massachusetts and Rhode Island. With a network of 30 full-service branches and commercial lending offices in Boston and Providence, HarborOne Bank has a strong regional presence. Moreover, the bank offers educational resources for small business and personal financial education through HarborOne U, which includes free digital content, webinars, and recordings.
HarborOne Mortgage, LLC, a subsidiary of HarborOne Bank, extends the company's services by providing mortgage lending across New England and other states.
Investors and shareholders of HarborOne Bancorp can view this dividend as part of the company's ongoing efforts to manage its capital effectively and deliver shareholder returns. The bank's strategic initiatives and operational performance have positioned it to maintain a consistent dividend policy.
The information reported is based on a press release statement from HarborOne Bancorp, Inc., and does not include any speculative content. The dividend declaration is a key financial event for the company and its shareholders, and it is presented here without endorsement of the company's claims or future prospects.
In other recent news, HarborOne Bancorp has announced two significant developments. Firstly, the company has initiated a share repurchase program, allowing for the buyback of up to 2,222,568 shares, approximately 5% of the current issued and outstanding common stock, with a total expenditure not exceeding $20 million.
The specifics of the program will depend on various factors, including prevailing stock prices and market conditions. The shares acquired through this initiative will be classified as authorized but unissued shares, and the program is set to expire on May 28, 2025.
In another development, HarborOne Bancorp has appointed Stephen W. Finocchio as the new Executive Vice President and Chief Financial Officer. Finocchio, who brings over two decades of experience in the financial sector, will be responsible for directing all financial operations, including accounting, reporting, treasury, and investor relations.
Prior to joining HarborOne, Finocchio served in key positions at Berkshire Hills (NYSE:BHLB) Bancorp and State Street Corporation (NYSE:STT). The leadership team at HarborOne anticipates that Finocchio's expertise will be highly beneficial to the company's future. These are the latest updates in the ongoing evolution of HarborOne Bancorp.
InvestingPro Insights
HarborOne Bancorp, Inc. (NASDAQ:HONE) has recently caught the attention of the investment community with its dividend announcement and underlying financial metrics. According to real-time data from InvestingPro, the company's market capitalization stands at a solid $437.28 million, with a trailing twelve months as of Q1 2024 price-to-earnings (P/E) ratio adjusted to an attractive 18.15. This suggests a reasonable valuation of the company's earnings potential relative to its share price.
InvestingPro Tips highlight that management at HarborOne has been proactively engaging in share buybacks, which often signal confidence in the company's value. Moreover, analysts have revised their earnings expectations upwards for the upcoming period, hinting at a positive outlook for the company's financial performance. Notably, HarborOne is anticipated to be profitable this year, which is consistent with its profitable performance over the last twelve months.
From a shareholder's perspective, the dividend yield as of the latest data stands at 3.06%, coupled with a dividend growth of 6.67% over the last twelve months. This demonstrates HarborOne's commitment to delivering shareholder value through dividends. Despite a predicted sales decline in the current year, the company's operating income margin remains robust at 24.47%, indicating efficient operational management.
For those interested in a deeper dive into HarborOne's financials and additional strategic insights, InvestingPro offers more tips and tailored analysis. Currently, there are 5 additional InvestingPro Tips available for HarborOne, which can be accessed through the dedicated page: https://www.investing.com/pro/HONE. Remember, using the coupon code PRONEWS24 will secure an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enriching your investment research with valuable resources.
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