HarborOne Bancorp Rating Downgraded to Sell

On Friday, HarborOne Bancorp (NASDAQ:HONE) was downgraded by analysts at StockNews.com from a "hold" rating to a "sell" rating in a recent report.

In a separate move, research firm Piper Sandler also adjusted its price target for HarborOne Bancorp, reducing it from $15.00 to $13.00 while maintaining a "neutral" rating for the institution.

Stock Performance of HarborOne Bancorp

On the same day the rating changes were announced, shares of HarborOne Bancorp experienced a slight increase of 0.3%, rising by $0.04 to reach a price of $11.54. In total, 370,619 shares changed hands, a significant volume compared to the average of 145,028 shares traded. The stock has maintained a fifty-day simple moving average of $12.76 and a two-hundred day simple moving average of $11.61. The metrics indicate a debt-to-equity ratio of 1.07, with quick and current ratios of 1.13 and 1.14, respectively. Over the past year, the stock has fluctuated between a low of $9.15 and a high of $14.00. With a market capitalization of $515.56 million, HarborOne Bancorp has a PE ratio of 31.19 and a beta of 0.73, indicating relatively low volatility compared to the market.

Earnings Report Overview

Recently, HarborOne Bancorp released its quarterly earnings on October 24. The report indicated earnings of $0.10 per share, which fell short of the expected consensus estimate of $0.18 by $0.08. Additionally, the company's return on equity was noted at 4.59%, along with a net margin of 5.20%. During the quarter, HarborOne Bancorp reported total revenue of $79.60 million, which was significantly higher than the analysts' expectations of $43.37 million. Forecasters are currently predicting that the company will produce earnings of $0.71 per share for the ongoing financial year.

Insider Transactions

In other noteworthy news regarding HarborOne, Chief Marketing Officer David E. Tryder sold 13,000 shares of the company on September 10, at an average price of $12.48, accumulating a total of $162,240.00 from this transaction. Following this sale, the CMO holds 15,159 shares valued at approximately $189,184.32. This sale represents no change in his ownership percentage. The transaction was duly reported in a filing with the Securities and Exchange Commission. Notably, insider ownership accounts for about 4.90% of the total stock.

Institutional Investment Activity

Recent activities involving institutional investors reflect a slight shift in ownership stakes in HarborOne Bancorp. Hsbc Holdings PLC increased its stake in the company by 4.9% during the second quarter, bringing its holdings to 27,113 shares worth $299,000 following an additional acquisition of 1,270 shares. Price T Rowe Associates Inc. MD also raised its position by 14.6% during the first quarter, accumulating 11,781 shares valued at approximately $126,000. Meanwhile, Eastern Bank established a new stake in the company during the third quarter worth about $31,000. nVerses Capital LLC similarly acquired a new position in HarborOne Bancorp valued at around $27,000 during the second quarter. Last but not least, Creative Planning increased its stake by 27.8% during the third quarter, owning 13,309 shares valued at roughly $173,000 thereafter. Overall, about 65.01% of HarborOne's shares are owned by hedge funds and other institutional investors.

About HarborOne Bancorp

HarborOne Bancorp, Inc. serves as the holding company for HarborOne Bank, which delivers a range of financial services catering to individuals, families, small and mid-sized businesses, and municipal entities. The bank operates in two primary segments: HarborOne Bank and HarborOne Mortgage. Its main deposit products include checking accounts, money market accounts, savings accounts, and term certificates of deposit. On the lending side, the bank provides a variety of financial products, including commercial real estate loans, commercial loans, residential mortgages, home equity loans, and consumer loans.

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