HarborOne Bancorp Inc . (NASDAQ:HONE) has hit a new 52-week high, reaching a price level of $13.73. This milestone reflects the strong performance of the company over the past year. The 52-week high is a key indicator for potential investors, signifying the highest price that a stock has traded at in the last year. This achievement for HarborOne Bancorp Inc. comes amidst a year of significant growth for the company. Over the past year, HarborOne Bancorp Inc. has seen a substantial increase in its value, with a 1-year change of 30.75%. This impressive growth rate underscores the company's robust financial health and its potential for further expansion in the future.
In other recent news, HarborOne Bancorp has initiated a share repurchase program, approved by regulatory authorities, with an expenditure cap of $20 million. This program allows for the repurchase of up to 2,222,568 shares, which equates to approximately 5% of the company's current issued and outstanding common stock. The repurchases will be conducted through open market transactions, potentially including plans in alignment with Rule 10b5-1 of the Securities and Exchange Commission. However, the specifics of the program, such as timing and the exact number of shares to be repurchased, are subject to various factors including stock prices, regulatory requirements, market conditions, and company liquidity priorities. HarborOne Bancorp has clarified that the acquired shares will be classified as authorized but unissued shares and the company reserves the right to suspend or discontinue the program at any time. The share repurchase program is scheduled to expire on May 28, 2025. These are the recent developments for HarborOne Bancorp.
InvestingPro Insights
As HarborOne Bancorp Inc. (HONE) celebrates its new 52-week high, key metrics from InvestingPro provide a deeper insight into the company's financial landscape. With a market capitalization of $570.51 million and a Price/Earnings (P/E) ratio of 36.08, the company is trading at a high earnings multiple, suggesting that investors are expecting higher future earnings growth. Additionally, the stock has experienced a strong return over the last month, with a 28.91% increase, and a remarkable 29.79% over the last three months, indicating a robust short-term performance.
InvestingPro Tips highlight that while analysts have revised their earnings upwards for the upcoming period, there is anticipation of a sales decline in the current year. Moreover, they point out that HarborOne Bancorp Inc. is profitable over the last twelve months and that analysts predict the company will remain profitable this year. For those looking to delve deeper into the financials and future of HarborOne Bancorp Inc., InvestingPro offers additional insights. There are currently 9 more InvestingPro Tips available, which can be accessed to help investors make more informed decisions. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and gain a comprehensive view of HarborOne Bancorp Inc.'s financial health and projections.
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