BROCKTON, Mass. - HarborOne Bancorp, Inc. (NASDAQ: NASDAQ:HONE), the holding company for HarborOne Bank, has announced the launch of a share repurchase program. The program, which has been approved by regulatory authorities, allows for the repurchase of up to 2,222,568 shares, representing approximately 5% of the company's current issued and outstanding common stock, with a total expenditure not to exceed $20 million.
The repurchases are authorized to occur through open market transactions, potentially including plans that align with Rule 10b5-1 of the Securities and Exchange Commission. The program's specifics, such as the timing and the exact number of shares to be repurchased, will be contingent on various factors. These include prevailing stock prices, compliance with corporate and regulatory requirements, market conditions, and other priorities related to the company's liquidity.
The shares that HarborOne Bancorp acquires through this buyback initiative will be classified as authorized but unissued shares. It is important to note that the program does not commit the company to repurchase any specific number of shares. Moreover, the company reserves the right to suspend or discontinue the program at any time without prior notice. The share repurchase program is set to expire on May 28, 2025.
The announcement contains forward-looking statements, which are based on the management's current expectations and are inherently subject to significant risks and uncertainties. Factors that could cause actual results to differ materially from those projected include changes in general business and economic conditions, fluctuations in interest rates, competitive pressures, and regulatory changes, among others.
InvestingPro Insights
HarborOne Bancorp, Inc.'s (NASDAQ: HONE) recent announcement of a share repurchase program reflects confidence in the company's value, a sentiment echoed by management's aggressive buyback actions. This aligns with the InvestingPro Tips highlighting that management has been actively repurchasing shares, which is often seen as a positive signal about the company's future prospects.
Moreover, the optimism about HarborOne's performance is supported by analysts, as indicated by another InvestingPro Tip revealing that 3 analysts have revised their earnings expectations upwards for the upcoming period. This could suggest a favorable financial outlook for the company, potentially making it an attractive option for investors.
From the InvestingPro Data, HarborOne Bancorp's market capitalization stands at 415.15 million USD, with an adjusted price-to-earnings (P/E) ratio for the last twelve months as of Q1 2024 at 17.27. Despite a projected sales decline in the current year, the company's gross profit margins have been under pressure, the company remains profitable over the last twelve months, and analysts predict profitability will continue this year. HarborOne's dividend yield as of mid-April 2024 is solid at 3.14%, coupled with a dividend growth of 6.67% for the last twelve months as of Q1 2024, which could be appealing to income-focused investors.
For investors seeking more in-depth analysis and additional InvestingPro Tips, there are more tips available on InvestingPro's platform. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This could be a valuable resource for those looking to make informed decisions about their investments in HarborOne Bancorp, Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.