HarborOne announces director retirement and stock vesting

BROCKTON, MA – HarborOne Bancorp, Inc. (NASDAQ:HONE), a $498 million market cap regional bank trading at $12.05 per share, disclosed the upcoming retirement of a long-serving board member and the related acceleration of stock vesting, according to a recent 8-K filing with the Securities and Exchange Commission.

InvestingPro analysis indicates the bank currently trades at a high earnings multiple of 44x, with analysts forecasting profitability for the year ahead.

Joseph F. Barry, a director of HarborOne Bancorp and HarborOne Bank, has announced his retirement effective January 31, 2025. Having served since 1987, Barry's tenure on the board spans over three decades, during which he has been a part of various committees and roles. The bank maintains a dividend yield of 2.66% and has demonstrated a 6.67% dividend growth over the last twelve months.

In light of Barry's retirement, the Compensation Committee of the Board has decided to expedite the vesting of 3,344 shares of restricted stock awarded to him on March 1, 2024. Originally set to vest on March 1, 2025, these shares will now become fully vested on the date of his retirement. This decision aligns with the provisions of the HarborOne Bancorp, Inc. 2020 Equity Incentive Plan.

The board expressed their appreciation for Barry's 37 years of dedicated service to the company. The management team joined in acknowledging his contributions to the growth and success of HarborOne.

This announcement comes as part of the company's regulatory disclosures, ensuring transparency with shareholders and the public. HarborOne Bancorp, Inc., with its headquarters at 770 Oak Street, Brockton, Massachusetts, operates as a state commercial bank under the industrial classification of 6022.

The information provided is based on a press release statement and serves to inform investors and stakeholders of the latest corporate governance developments within HarborOne Bancorp, Inc.

According to InvestingPro, the bank currently shows a WEAK overall Financial Health Score, with additional insights available through their comprehensive analysis tools. The platform offers 5 more exclusive ProTips that could help investors make more informed decisions about HONE's future prospects.

In other recent news, HarborOne Bancorp has been the subject of several key developments. The company reported third-quarter 2024 earnings with an earnings per share (EPS) of $0.10, which, after adjusting for discrete tax benefits, resulted in a core EPS of $0.08. This figure fell short of expectations, largely due to a $4.7 million specific reserve set aside for an office loan that shifted to nonaccrual status.

In response to these earnings, Piper Sandler adjusted its outlook on HarborOne Bancorp, reducing the price target from $15.00 to $13.00 while maintaining a Neutral rating. The firm expressed concern over the market's reaction to credit surprises, suggesting potential challenges for HarborOne's stock performance.

In addition to these financial results, HarborOne Bancorp declared a quarterly cash dividend of $0.08 per share, reflecting the company's practice of providing returns to its shareholders.

However, Piper Sandler raised HarborOne Bancorp's stock target price, maintaining a neutral stance despite potential ongoing mortgage banking headwinds across the industry. These are recent developments that investors should take into account.

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