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

Zacks Investment Research cut shares of HomeStreet, Inc. (NASDAQ:HMST) from a hold rating to a strong sell rating in a report released on Wednesday morning.

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 firms have also recently issued reports on HMST. Keefe, Bruyette & Woods reissued a buy rating and issued a $31.00 target price on shares of HomeStreet in a research note on Friday, June 2nd. FIG Partners cut HomeStreet from an outperform rating to a market perform rating in a research note on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. HomeStreet presently has a consensus rating of Hold and a consensus target price of $30.25.

Shares of HomeStreet (HMST) traded down 1.63% during midday trading on Wednesday, reaching $27.20. The company’s stock had a trading volume of 68,150 shares. The company has a market cap of $785.13 million, a price-to-earnings ratio of 11.51 and a beta of 0.07. The stock has a 50-day moving average of $27.50 and a 200 day moving average of $27.86. HomeStreet has a 12 month low of $21.01 and a 12 month high of $33.70.

HomeStreet (NASDAQ:HMST) last posted its earnings results on Monday, April 24th. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.08. HomeStreet had a return on equity of 10.26% and a net margin of 10.46%. The firm had revenue of $120.11 million during the quarter, compared to analysts’ expectations of $124.18 million. During the same period in the previous year, the firm earned $0.41 earnings per share. On average, analysts predict that HomeStreet will post $2.07 earnings per share for the current fiscal 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 stock was sold at an average price of $27.38, for a total value of $27,380.00. Following the completion of the transaction, the executive vice president now directly owns 1,170 shares of the company’s stock, valued at $32,034.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 7.59% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its position in HomeStreet by 87.4% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 49,297 shares of the financial services provider’s stock valued at $1,558,000 after buying an additional 22,991 shares in the last quarter. Comerica Bank purchased a new position in HomeStreet during the fourth quarter valued at $722,000. State Street Corp boosted its position in HomeStreet by 30.6% in the fourth quarter. State Street Corp now owns 483,782 shares of the financial services provider’s stock valued at $15,285,000 after buying an additional 113,477 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in HomeStreet by 28.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,604,114 shares of the financial services provider’s stock valued at $50,690,000 after buying an additional 350,645 shares in the last quarter. Finally, Federated Investors Inc. PA purchased a new position in HomeStreet during the fourth quarter valued at $272,000. 82.63% of the stock is owned by institutional investors.

About HomeStreet

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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