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HarborOne Bancorp (HONE) Announces New Share Repurchase Plan
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HarborOne Bancorp, Inc. (HONE - Free Report) has announced a new share repurchase program. Under the plan, for which it has received regulatory approval, the company is authorized to buy back up to 2,325,489 shares or nearly 5% of its outstanding shares.
HONE’s repurchase program is set to expire on Jun 30, 2024. The buyback plan replaces an old one announced in September 2022 that authorized the company to buy back up to 2.45 million shares.
In the first quarter of 2023, HONE repurchased 2.03 million shares and expected the program to be completed in the second quarter of 2023. However, it anticipated share repurchase activity to be reduced in the second quarter of 2023 compared with prior quarters.
Apart from share repurchases, HarborOne Bancorp pays a regular quarterly dividend of 8 cents per share currently. The last dividend hike was announced this March when it was increased by 14%. It should be noted that the company started paying out quarterly dividends effectively from July 2020.
Based on the last day’s closing price of $9.09, HONE’s dividend yield currently stands at 3.37%, and its payout ratio is 32% of earnings.
As of Mar 31, 2023, HarborOne Bancorp had a total debt of $625 million, significantly higher than the cash and cash equivalents balance of $249.8 million. The company’s times interest earned ratio of 5.4 decreased sequentially. Thus, given the weak liquidity position, its capital deployment activities seem less sustainable.
In the past month, shares of HONE have declined 4.1% compared with the industry's fall of 6.6%.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #4 (Sell).
Preferred Bank (PFBC - Free Report) announced that the company’s board of directors approved the first leg of its $150 million share repurchase plan. After receiving the required approvals to begin share buybacks, PFBC can repurchase up to $50 million of common stock.
On May 16, 2023, the plan was approved by the shareholders of the company, authorizing the repurchase of up to a total of $150 million of shares.
Northeast Community Bancorp's (NECB - Free Report) board of directors has authorized the repurchase of up to an aggregate of 1.5 million shares, or 10% of the company’s currently issued and outstanding common stock.
NECB announced its first stock repurchase program on Jul 27, 2022, and authorized the buyback of up to an aggregate of 1.6 million shares of the company’s common stock. It completed this program at a cost of $22.8 million or $13.93 per share.
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HarborOne Bancorp (HONE) Announces New Share Repurchase Plan
HarborOne Bancorp, Inc. (HONE - Free Report) has announced a new share repurchase program. Under the plan, for which it has received regulatory approval, the company is authorized to buy back up to 2,325,489 shares or nearly 5% of its outstanding shares.
HONE’s repurchase program is set to expire on Jun 30, 2024. The buyback plan replaces an old one announced in September 2022 that authorized the company to buy back up to 2.45 million shares.
In the first quarter of 2023, HONE repurchased 2.03 million shares and expected the program to be completed in the second quarter of 2023. However, it anticipated share repurchase activity to be reduced in the second quarter of 2023 compared with prior quarters.
Apart from share repurchases, HarborOne Bancorp pays a regular quarterly dividend of 8 cents per share currently. The last dividend hike was announced this March when it was increased by 14%. It should be noted that the company started paying out quarterly dividends effectively from July 2020.
Based on the last day’s closing price of $9.09, HONE’s dividend yield currently stands at 3.37%, and its payout ratio is 32% of earnings.
As of Mar 31, 2023, HarborOne Bancorp had a total debt of $625 million, significantly higher than the cash and cash equivalents balance of $249.8 million. The company’s times interest earned ratio of 5.4 decreased sequentially. Thus, given the weak liquidity position, its capital deployment activities seem less sustainable.
In the past month, shares of HONE have declined 4.1% compared with the industry's fall of 6.6%.
Image Source: Zacks Investment Research
Currently, the company carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Share Buyback Plans of Other Banks
Preferred Bank (PFBC - Free Report) announced that the company’s board of directors approved the first leg of its $150 million share repurchase plan. After receiving the required approvals to begin share buybacks, PFBC can repurchase up to $50 million of common stock.
On May 16, 2023, the plan was approved by the shareholders of the company, authorizing the repurchase of up to a total of $150 million of shares.
Northeast Community Bancorp's (NECB - Free Report) board of directors has authorized the repurchase of up to an aggregate of 1.5 million shares, or 10% of the company’s currently issued and outstanding common stock.
NECB announced its first stock repurchase program on Jul 27, 2022, and authorized the buyback of up to an aggregate of 1.6 million shares of the company’s common stock. It completed this program at a cost of $22.8 million or $13.93 per share.