NasdaqGS:HONE

Stock Analysis Report

Executive Summary

HarborOne Bancorp, Inc. operates as the holding company for HarborOne Bank that provides financial services to individuals, families, small and middle-market businesses, and municipalities.


Snowflake Analysis

Excellent balance sheet with solid track record.


Similar Companies

Share Price & News

How has HarborOne Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HONE's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-7.0%

HONE

-7.0%

US Banks

-2.6%

US Market


1 Year Return

-25.6%

HONE

-32.9%

US Banks

-13.3%

US Market

Return vs Industry: HONE exceeded the US Banks industry which returned -33.7% over the past year.

Return vs Market: HONE underperformed the US Market which returned -14.9% over the past year.


Shareholder returns

HONEIndustryMarket
7 Day-7.0%-7.0%-2.6%
30 Day-27.1%-24.6%-15.2%
90 Day-34.6%-41.9%-22.2%
1 Year-25.6%-25.6%-30.8%-32.9%-11.5%-13.3%
3 Year-31.1%-31.1%-21.4%-27.3%13.2%5.7%
5 Yearn/a2.7%-9.2%31.8%17.2%

Price Volatility Vs. Market

How volatile is HarborOne Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is HarborOne Bancorp undervalued compared to its fair value and its price relative to the market?

21.81x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: HONE ($7.44) is trading above our estimate of fair value ($2.72)

Significantly Below Fair Value: HONE is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: HONE is poor value based on its PE Ratio (22.7x) compared to the Banks industry average (8.6x).

PE vs Market: HONE is poor value based on its PE Ratio (22.7x) compared to the US market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: HONE's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: HONE is good value based on its PB Ratio (0.6x) compared to the US Banks industry average (0.8x).


Next Steps

Future Growth

How is HarborOne Bancorp forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

-8.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HONE's earnings are forecast to decline over the next 3 years (-8% per year).

Earnings vs Market: HONE's earnings are forecast to decline over the next 3 years (-8% per year).

High Growth Earnings: HONE's earnings are forecast to decline over the next 3 years.

Revenue vs Market: HONE's revenue is expected to decline over the next 3 years (-11.4% per year).

High Growth Revenue: HONE's revenue is forecast to decline over the next 3 years (-11.4% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HONE's Return on Equity is forecast to be low in 3 years time (2.5%).


Next Steps

Past Performance

How has HarborOne Bancorp performed over the past 5 years?

28.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: HONE has high quality earnings.

Growing Profit Margin: HONE's current net profit margins (11.1%) are higher than last year (8.5%).


Past Earnings Growth Analysis

Earnings Trend: HONE's earnings have grown significantly by 28.4% per year over the past 5 years.

Accelerating Growth: HONE's earnings growth over the past year (60.3%) exceeds its 5-year average (28.4% per year).

Earnings vs Industry: HONE earnings growth over the past year (60.3%) exceeded the Banks industry 10.9%.


Return on Equity

High ROE: HONE's Return on Equity (2.7%) is considered low.


Next Steps

Financial Health

How is HarborOne Bancorp's financial position?


Financial Position Analysis

Short Term Liabilities: HONE's short term assets ($357.7M) do not cover its short term liabilities ($3.2B).

Long Term Liabilities: HONE's short term assets ($357.7M) exceed its long term liabilities ($155.1M).


Debt to Equity History and Analysis

Debt Level: HONE's debt to equity ratio (60.6%) is considered high.

Reducing Debt: HONE's debt to equity ratio has reduced from 179.5% to 60.6% over the past 5 years.

Debt Coverage: HONE's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: Insufficient data to determine if HONE's interest payments on its debt are well covered by EBIT.


Balance Sheet


Next Steps

Dividend

What is HarborOne Bancorp's current dividend yield, its reliability and sustainability?

0.91%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate HONE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate HONE's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if HONE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if HONE's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of HONE's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure


CEO

Jim Blake (68yo)

4.25s

Tenure

US$2,307,633

Compensation

Mr. James W. Blake, also known as Jim, has been the Chief Executive Officer of HarborOne Bancorp, Inc. and Harborone Northeast Bancorp, Inc. since 2016 and HarborOne Bank (formerly Harborone Credit Union)  ...


CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD2.31M) is about average for companies of similar size in the US market ($USD2.23M).

Compensation vs Earnings: Jim's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
James Blake
CEO, Secretary4.25yrsUS$2.31m0.54% $2.1m
Joseph Casey
President3.17yrsUS$1.28m0.45% $1.8m
Linda Simmons
Senior VP & CFO1.92yrsUS$499.53k0.040% $154.9k
Jacqueline Mayo
Branch Administration Officer10yrsno datano data
Andrea Carinci
Vice President of Complianceno datano datano data
Inez Friedman-Boyce
Senior VP0.42yrno datano data
David Tryder
Senior VP & Chief Marketing Officer6.25yrsno data0.025% $96.9k
Andy Puga
Business Solutions and Development Officer5.75yrsno datano data
Patricia Williams
Senior VP & Human Resources Officerno datano data0.071% $275.1k
Leo Donahue
Senior VP & Retail Officer13.25yrsno datano data

5.0yrs

Average Tenure

59yo

Average Age

Experienced Management: HONE's management team is seasoned and experienced (5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
James Blake
CEO, Secretary4.25yrsUS$2.31m0.54% $2.1m
Joseph Casey
President3.17yrsUS$1.28m0.45% $1.8m
William Payne
Independent Director3.08yrsUS$65.18k0.040% $157.2k
Wallace Peckham
Independent Director39.25yrsUS$70.64k0.075% $290.2k
David Frenette
Independent Director13.25yrsUS$79.33k0.23% $909.2k
Gordon Jezard
Independent Director37.25yrsUS$70.99k0.10% $402.2k
Barry Koretz
Independent Director33.25yrsUS$76.07k0.12% $466.4k
Joseph Barry
Independent Director4.25yrsUS$70.64k0.087% $338.1k
Timothy Lynch
Director2.25yrsUS$65.33k0.087% $338.1k
Michael Sullivan
Chairman of the Board1.92yrsUS$75.12k0.11% $430.3k

8.8yrs

Average Tenure

66yo

Average Age

Experienced Board: HONE's board of directors are considered experienced (8.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

HarborOne Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: HarborOne Bancorp, Inc.
  • Ticker: HONE
  • Exchange: NasdaqGS
  • Founded: 1917
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$388.631m
  • Shares outstanding: 54.35m
  • Website: https://www.harborone.com

Number of Employees


Location

  • HarborOne Bancorp, Inc.
  • 770 Oak Street
  • Brockton
  • Massachusetts
  • 2301
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
1S4DB (Deutsche Boerse AG)YesCommon StockDEEURJun 2016
HONENasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDJun 2016

Biography

HarborOne Bancorp, Inc. operates as the holding company for HarborOne Bank that provides financial services to individuals, families, small and middle-market businesses, and municipalities. The company operates through two segments, HarborOne Bank and HarborOne Mortgage. Its primary deposit products include checking, money market, savings, and term certificate of deposit accounts; and lending products comprise one-to four-family residential, second mortgages and lines of credit, residential construction, commercial real estate and construction, and commercial loans, as well as consumer loans, including indirect automobile lease loans. The company, through HarborOne Mortgage, LLC, originates, sells, and services residential mortgage loans. It also provides a range of educational services through HarborOne U, such as classes on small business, financial literacy, and personal enrichment. As of August 14, 2019, the company operated 24 full-service branches located in Massachusetts and Rhode Island; one limited-service bank office; and a commercial lending office in each of Boston, Massachusetts, and Providence, Rhode Island, as well as 30 mortgage offices in Massachusetts, Rhode Island, New Hampshire, Maine, and New Jersey. It also operates administrative offices in Brockton, Massachusetts, and Warwick, Rhode Island, as well as 5 ATM locations. The company was founded in 1917 and is based in Brockton, Massachusetts. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/06 06:35
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.