HarborOne Bancorp (NASDAQ:HONE) Shares Gap Down on Disappointing Earnings

Shares of HarborOne Bancorp, Inc. (NASDAQ:HONE) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $13.31, but opened at $12.58. HarborOne Bancorp shares last traded at $12.14, with a volume of 42,853 shares.

The financial services provider reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.08). HarborOne Bancorp had a return on equity of 4.59% and a net margin of 5.20%. The firm had revenue of $79.60 million for the quarter, compared to analyst estimates of $43.37 million.

HarborOne Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 28th. Shareholders of record on Monday, October 14th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Friday, October 11th. HarborOne Bancorp’s dividend payout ratio (DPR) is presently 84.21%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Piper Sandler cut their price objective on HarborOne Bancorp from $15.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday. StockNews.com downgraded HarborOne Bancorp from a “hold” rating to a “sell” rating in a research report on Friday.

Insider Activity at HarborOne Bancorp

In other news, CMO David E. Tryder sold 13,000 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $12.48, for a total transaction of $162,240.00. Following the transaction, the chief marketing officer now directly owns 15,159 shares in the company, valued at $189,184.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.90% of the company’s stock.

Hedge Funds Weigh In On HarborOne Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the stock. Eastern Bank purchased a new stake in shares of HarborOne Bancorp during the 3rd quarter valued at $31,000. nVerses Capital LLC purchased a new stake in HarborOne Bancorp during the second quarter valued at about $27,000. Price T Rowe Associates Inc. MD raised its holdings in shares of HarborOne Bancorp by 14.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,781 shares of the financial services provider’s stock worth $126,000 after purchasing an additional 1,498 shares during the period. Creative Planning lifted its stake in shares of HarborOne Bancorp by 27.8% in the 3rd quarter. Creative Planning now owns 13,309 shares of the financial services provider’s stock valued at $173,000 after purchasing an additional 2,898 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of HarborOne Bancorp by 63.3% in the 3rd quarter. SG Americas Securities LLC now owns 21,069 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 8,169 shares in the last quarter. Institutional investors and hedge funds own 65.01% of the company’s stock.

HarborOne Bancorp Stock Performance

The stock has a market cap of $512.49 million, a price-to-earnings ratio of 30.37 and a beta of 0.73. The company has a current ratio of 1.14, a quick ratio of 1.13 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average is $12.76 and its 200-day moving average is $11.61.

HarborOne Bancorp Company Profile

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.