HarborOne Bancorp, Inc. (NASDAQ:HONE) has reported a recent transaction involving its SVP, Chief Marketing Officer, David E. Tryder. According to the latest filing, Tryder sold a total of 13,000 shares of the company's common stock. The sales were executed at an average price of $12.4843, amounting to over $162,000 in total value.
On the same day, Tryder also acquired 13,000 shares through option exercises priced at $10.23 per share, which sums up to approximately $133,000. These transactions took place on September 10, 2024, as disclosed in the mandatory filing with the Securities and Exchange Commission.
In the context of the company's stock options, it's noted that the options were vested over a period of time, with the first installment vested on August 16, 2018, followed by annual installments on the same date in 2019 and 2020.
HarborOne Bancorp, Inc. is a state commercial bank headquartered in Brockton, Massachusetts, and these transactions are part of the regular financial disclosures required by corporate executives. Following these transactions, the updated ownership details show a change in Tryder's stake in the company's common stock.
Investors and market watchers often keep an eye on insider transactions as they provide insights into the executives' perspective on the company's stock value and future performance. The details of the transactions, including the number of shares bought or sold and the prices, are crucial for understanding the context and significance of the insider activities.
The filing was signed on behalf of Tryder by Joseph F. Casey, attorney-in-fact, on September 11, 2024.
In other recent news, HarborOne Bancorp has been a focus of several significant developments. The company declared a quarterly cash dividend of $0.08 per share, to be distributed to shareholders recorded by the close of business on a recent date. In the same vein, Piper Sandler has increased HarborOne Bancorp's price target to $14.00 from $11.50, maintaining its Neutral stance. The firm's decision was influenced by the company's solid performance in the recent quarter and an improvement in asset quality.
Piper Sandler analysts anticipate an increase in core profitability for HarborOne Bancorp once the Federal Reserve decides to lower interest rates. They also commended the company's franchise for its potential attractiveness. HarborOne Bancorp also announced a share repurchase program, allowing for the buyback of up to 2,222,568 shares, with a total expenditure not exceeding $20 million.
In addition to these financial moves, HarborOne Bancorp appointed Stephen W. Finocchio as the new Executive Vice President and Chief Financial Officer. Finocchio, who brings over two decades of experience in the financial sector, will be responsible for directing all financial operations. These are the recent developments surrounding HarborOne Bancorp.
InvestingPro Insights
As HarborOne Bancorp, Inc. (NASDAQ:HONE) navigates through its financial activities, recent data from InvestingPro provides a deeper look into the company's performance and market position. HarborOne's market capitalization stands at approximately $514.99 million, reflecting its valuation within the banking sector. The company is trading at a price-to-earnings (P/E) ratio of 32.86, which indicates investors are paying a premium for its earnings compared to the market average. This is further corroborated by an adjusted P/E ratio for the last twelve months as of Q2 2024, which is at 21.69.
While the P/E ratio suggests a higher valuation, the company's revenue has seen a slight decline of 9.69% during the same period. However, it's worth noting that there has been a quarterly revenue growth of 2.83% in Q2 2024, indicating some resilience in the company's financial performance. Additionally, the gross profit margin remains a point of concern as identified by an InvestingPro Tip, which highlights weak gross profit margins for HarborOne.
Despite these challenges, HarborOne has demonstrated a strong return over the last three months, with a price total return of 16.76%. This positive momentum is also reflected in a significant six-month price uptick of 25.41%. Moreover, analysts have revised their earnings upwards for the upcoming period, as noted in another InvestingPro Tip. This positive sentiment is echoed in the analysts' prediction that the company will remain profitable this year.
For investors considering HarborOne's stock, it's also important to consider the dividend yield, which stands at 2.58%, alongside a dividend growth of 6.67% over the last twelve months as of Q2 2024. This could be appealing for those looking for income-generating investments. In addition, HarborOne's stock is currently trading at 89.07% of its 52-week high, with a previous close price of $12.39.
For a more comprehensive analysis and additional insights on HarborOne Bancorp, Inc., investors can explore the full range of InvestingPro Tips, where 9 more tips are available, offering a detailed perspective on the company's financial health and stock performance.
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