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HarborOne Bancorp Soars 12.33% on Acquisition News, Analyst Upgrade
Generated by AI AgentAinvest Movers Radar
Friday, Apr 25, 2025 6:43 pm ET1min read
Harborone Bancorp (HONE) surged 12.33% today, marking its fourth consecutive day of gains, with a total increase of 22.03% over the past four days. The share price reached its highest level since March 2025, with an intraday gain of 16.70%.
The primary driver behind the recent surge in HarborOne Bancorp's stock price is the announcement of its acquisition by
, Inc. The merger agreement, finalized on April 24, 2025, involves a stock and cash deal valued at approximately $490 million. This strategic acquisition is aimed at strengthening Eastern's presence in the Greater Boston area, with set to merge into Eastern. Shareholders of HarborOne will have the option to receive either 0.765 shares of Eastern common stock or $12.00 in cash for each share they own.In addition to the merger announcement, Seaport Research upgraded HarborOne Bancorp from Neutral to Buy, setting a price target of $16. This upgrade reflects the positive outlook on the company's future prospects following the merger, further contributing to the stock price increase. The combination of the acquisition and the analyst upgrade has created a favorable environment for HarborOne Bancorp, driving investor confidence and leading to the recent stock price gains.
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