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HarborOne (HONE) Rewards Investors With a 7% Dividend Hike

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HarborOne Bancorp, Inc. (HONE - Free Report) has announced that its board of directors approved a regular quarterly cash dividend of 7.5 cents per share. This represents a rise of 7% from its prior payout.

The dividend will be paid out on Apr 26 to shareholders of record as of Apr 12. Before this, the company hiked its dividend in March 2022 by 40% to 7 cents. It must be noted that the company started paying out dividends effective July 2020. HONE has increased its dividend thrice in the last five years.

Based on the increased rate, the annual dividend comes to 30 cents per share. This results in an annualized dividend yield of 2.3%, considering HarborOne Bancorp’s last day’s closing price of $12.20.

Joseph F. Casey, President and CEO, said “The dividend increase is supported by our current and projected earnings as we continue executing our business plan.”

Apart from regular dividend payouts, HONE has been rewarding shareholders with a share repurchase program. In September 2022, the company announced a new share repurchase program (set to expire in September 2023), under which it received “regulatory approval” to buy back up to 2.45 million shares or 5% of HONE’s common shares outstanding. The company will begin repurchasing shares under this plan after the completion of its prior share repurchase program.

The older plan, announced in April 2022, authorized to buy back up to nearly 2.53 million shares over a 12-month period. As of Dec 31, 2022, HONE repurchased 2.47 million shares for $34.1 million. As of the same date, nearly 0.1 million shares remained available.

Supported by its earnings strength and solid balance sheet, the company is expected to continue with efficient capital deployment activities. Through this, HarborOne Bancorp will keep enhancing shareholder value.

Over the past year, shares of HONE have declined 12.9% compared with the industry’s fall of 24%.
 

Zacks Investment Research
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HarborOne Bancorp currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Finance Firms Taking Similar Actions

Over the past month, Synovus Financial Corp. (SNV - Free Report) and Trinity Capital Inc. (TRIN - Free Report) announced an increase in their quarterly dividend payouts.

Synovus’ board of directors approved a quarterly cash dividend of 38 cents per share, representing an increase of 11.8% from the prior payout. The dividend is scheduled to be paid out on Apr 3 to shareholders of record as of Mar 16.

Before this hike, SNV announced a 3% dividend hike in March 2022. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholders’ wealth.

Trinity Capital’s board of directors announced a dividend of 47 cents per share, marking a 2.2% increase from the prior payout. The dividend will be paid out on Apr 14 to shareholders of record on Mar 31.

Apart from regular dividend payments, the company has an efficient share repurchase program. On Nov 14, 2022, TRIN announced that its board of directors authorized a share buyback program for the repurchase of up to $25 million worth of shares.


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