HarborOne Bancorp, Inc. (HONE - Free Report) announced that its board of directors adopted a share repurchase program. Subject to regulatory approval, the company may repurchase up to 2,920,900 shares of common stock or 5% of its current issued and outstanding shares.
Repurchases can be executed through the open market. Moreover, the company is not obligated to purchase any particular number of shares.
The repurchase program can at any point be suspended or terminated without prior notice. The expiration date of the plan is Sep 3, 2021.
Notably, the repurchased shares will be held by the company as authorized but unissued shares. The timing and actual number of shares that are repurchased will depend on factors like price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities.
Recently, the company also initiated the payment of a cash dividend. On Jul 1, 2020, HarborOne Bancorp declared a quarterly dividend of 3 cents per share. The dividend was paid out on Jul 28 to shareholders of record as of Jul 14.
This was the first time that the company paid out a dividend to shareholders. The dividend announcement followed its second-step conversion and related stock offering.
At the time of dividend announcement, the company’s CEO, James Blake, stated, “This dividend reflects our Board’s commitment to delivering long-term shareholder value following the completion of our second-step conversion, and our continued belief in our Company.”
Supported by a sound liquidity position and decent earnings strength, HarborOne Bancorp is expected to continue to reward shareholders in the near term with efficient capital deployment activities.
Over the past six months, shares of the company have lost 13.2% compared with the industry’s decline of 22.1%.
Currently, HarborOne Bancorp carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few other finance stocks that have announced new/additional buyback authorizations in 2020, include MVB Financial (MVBF - Free Report) , PennyMac Financial (PFSI - Free Report) and Jefferies Financial (JEF - Free Report) .
MVB Financial announced that it would repurchase up to $5 million worth of outstanding common stock.
PennyMac Financial repurchased 6.9 million shares for $34 per share from The BlackRock Foundation, the charitable arm of BlackRock, Inc., in June.
Jefferies Financial increased its buyback program to $250 million in January 2020, while in March the company authorized an additional share repurchase of $100 million.
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