HarborOne Bancorp (NASDAQ:HONE) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• HarborOne Bancorp reported a quarterly EPS of $0.23, exceeding estimates by $0.04, with revenue of $45.44 million significantly above expectations of $32.39 million.
• The company announced a quarterly dividend of $0.09 per share, an increase from its previous payout of $0.01, representing a yield of 2.96%.
• Several analysts have upgraded HarborOne Bancorp's stock rating, with Seaport Res Ptn moving it from "hold" to a "strong-buy", reflecting growing investor confidence.

HarborOne Bancorp (NASDAQ:HONE - Get Free Report) issued its quarterly earnings data on Thursday. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.19 by $0.04, Zacks reports. The company had revenue of $45.44 million during the quarter, compared to analysts' expectations of $32.39 million. HarborOne Bancorp had a net margin of 8.43% and a return on equity of 4.66%.

HarborOne Bancorp Stock Performance

HarborOne Bancorp stock traded up $0.17 during mid-day trading on Friday, hitting $12.18. 262,800 shares of the company traded hands, compared to its average volume of 254,347. HarborOne Bancorp has a one year low of $8.89 and a one year high of $14.00. The stock has a market cap of $524.71 million, a price-to-earnings ratio of 18.74 and a beta of 0.59. The stock has a fifty day moving average price of $11.67 and a 200-day moving average price of $11.27.

HarborOne Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th were given a dividend of $0.09 per share. The ex-dividend date of this dividend was Wednesday, July 9th. This is a positive change from HarborOne Bancorp's previous quarterly dividend of $0.01. This represents a $0.36 annualized dividend and a yield of 2.96%. HarborOne Bancorp's payout ratio is presently 57.14%.

Analyst Upgrades and Downgrades

HONE has been the subject of several recent analyst reports. Seaport Res Ptn raised shares of HarborOne Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Wall Street Zen initiated coverage on shares of HarborOne Bancorp in a research note on Thursday, May 22nd. They set a "hold" rating for the company. Piper Sandler boosted their price objective on shares of HarborOne Bancorp from $12.00 to $13.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Janney Montgomery Scott reaffirmed a "neutral" rating on shares of HarborOne Bancorp in a research note on Tuesday, April 29th.

Institutional Investors Weigh In On HarborOne Bancorp

Several hedge funds have recently bought and sold shares of HONE. Empowered Funds LLC raised its position in HarborOne Bancorp by 8.5% in the 1st quarter. Empowered Funds LLC now owns 134,279 shares of the financial services provider's stock worth $1,392,000 after purchasing an additional 10,523 shares during the period. AQR Capital Management LLC grew its stake in shares of HarborOne Bancorp by 80.0% during the first quarter. AQR Capital Management LLC now owns 85,675 shares of the financial services provider's stock valued at $888,000 after buying an additional 38,072 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of HarborOne Bancorp by 350.3% in the first quarter. Jane Street Group LLC now owns 106,075 shares of the financial services provider's stock worth $1,100,000 after buying an additional 82,521 shares during the period. Finally, Millennium Management LLC increased its holdings in shares of HarborOne Bancorp by 70.5% in the first quarter. Millennium Management LLC now owns 463,597 shares of the financial services provider's stock worth $4,808,000 after buying an additional 191,719 shares during the period. 65.01% of the stock is currently owned by institutional investors.

About HarborOne Bancorp

HarborOne Bancorp, Inc operates as the holding company for HarborOne Bank that provides financial services to individuals, families, small and mid-size businesses, and municipalities. The company operates in two segments, HarborOne Bank and HarborOne Mortgage. Its primary deposit products include checking, money market, savings, and term certificate of deposit accounts; and primary lending products comprise commercial real estate, commercial, residential mortgages, home equity, and consumer loans.

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