HomeStreet, Inc. (HMST) Downgraded to Strong Sell at Zacks Investment Research

HomeStreet, Inc. (NASDAQ:HMST) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday, July 12th.

According to Zacks, “HomeStreet, Inc. is a diversified financial services company. The Company is engaged in real estate lending, including mortgage banking activities and retail and business banking operations and serves consumers and businesses in the Pacific Northwest and Hawaii. It offers deposit and investment products and cash management services and single family loans and commercial loans. HomeStreet’s primary subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. It operates in Washington, Oregon, Idaho and Hawaii. HomeStreet, Inc. is headquartered in Seattle, Washington. “

A number of other research analysts have also recently weighed in on the stock. FIG Partners cut shares of HomeStreet from an “outperform” rating to a “market perform” rating in a research note on Friday, April 28th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $31.00 price target on shares of HomeStreet in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $29.45.

HomeStreet (HMST) traded down 0.19% during midday trading on Wednesday, reaching $25.85. The company had a trading volume of 94,126 shares. The stock has a 50-day moving average price of $27.39 and a 200 day moving average price of $27.11. HomeStreet has a 12-month low of $22.52 and a 12-month high of $33.70. The company has a market capitalization of $694.69 million, a PE ratio of 13.44 and a beta of 0.05.

HomeStreet (NASDAQ:HMST) last released its earnings results on Monday, July 24th. The financial services provider reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.18. HomeStreet had a net margin of 8.89% and a return on equity of 8.10%. The firm had revenue of $127.88 million for the quarter, compared to analysts’ expectations of $143.41 million. During the same quarter last year, the firm posted $0.90 EPS. Equities analysts forecast that HomeStreet will post $1.56 EPS for the current year.

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In other HomeStreet news, EVP William Endresen sold 1,000 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $27.38, for a total value of $27,380.00. Following the completion of the sale, the executive vice president now directly owns 1,170 shares of the company’s stock, valued at approximately $32,034.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 7.59% of the company’s stock.

Large investors have recently made changes to their positions in the company. FSI Group LLC acquired a new stake in shares of HomeStreet during the second quarter valued at $2,214,000. First Interstate Bank boosted its stake in shares of HomeStreet by 42.8% in the second quarter. First Interstate Bank now owns 5,590 shares of the financial services provider’s stock valued at $155,000 after buying an additional 1,675 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of HomeStreet by 120.1% in the second quarter. Victory Capital Management Inc. now owns 812,090 shares of the financial services provider’s stock valued at $22,475,000 after buying an additional 443,105 shares during the last quarter. Virginia Retirement Systems ET AL boosted its stake in shares of HomeStreet by 2.1% in the second quarter. Virginia Retirement Systems ET AL now owns 63,700 shares of the financial services provider’s stock valued at $1,763,000 after buying an additional 1,300 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of HomeStreet by 90.9% in the second quarter. BNP Paribas Arbitrage SA now owns 8,483 shares of the financial services provider’s stock valued at $235,000 after buying an additional 4,040 shares during the last quarter. 82.90% of the stock is owned by hedge funds and other institutional investors.

HomeStreet Company Profile

HomeStreet, Inc is a financial services company serving customers primarily in the western United States, including Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. The Company’s operating segments include Commercial and Consumer Banking, and Mortgage Banking.

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