HomeStreet Inc (NASDAQ:HMST) Sees Significant Drop in Short Interest

HomeStreet Inc (NASDAQ:HMST) was the target of a large decrease in short interest during the month of September. As of September 30th, there was short interest totalling 314,100 shares, a decrease of 41.0% from the August 30th total of 532,700 shares. Currently, 1.3% of the shares of the stock are sold short. Based on an average daily volume of 153,600 shares, the short-interest ratio is presently 2.0 days.

Several equities analysts recently commented on HMST shares. ValuEngine downgraded shares of HomeStreet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. DA Davidson raised shares of HomeStreet from an “underperform” rating to a “neutral” rating and set a $27.00 price objective for the company in a research note on Friday, August 16th. BidaskClub downgraded shares of HomeStreet from a “hold” rating to a “sell” rating in a research note on Saturday. TheStreet downgraded shares of HomeStreet from a “b” rating to a “c+” rating in a research note on Monday, August 12th. Finally, Zacks Investment Research downgraded shares of HomeStreet from a “hold” rating to a “sell” rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $31.50.

Shares of HMST stock traded up $0.37 during trading hours on Friday, hitting $26.99. 86,918 shares of the company’s stock traded hands, compared to its average volume of 145,324. The stock’s 50 day simple moving average is $27.12 and its 200 day simple moving average is $28.10. The stock has a market cap of $650.43 million, a PE ratio of 18.24 and a beta of 0.66. HomeStreet has a 12 month low of $20.50 and a 12 month high of $31.96. The company has a quick ratio of 0.94, a current ratio of 0.96 and a debt-to-equity ratio of 0.76.

HomeStreet (NASDAQ:HMST) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.41). The business had revenue of $69.02 million for the quarter, compared to the consensus estimate of $65.59 million. HomeStreet had a net margin of 4.74% and a return on equity of 4.74%. During the same period in the previous year, the business posted $0.46 EPS. As a group, equities research analysts expect that HomeStreet will post 1.19 EPS for the current fiscal year.

In related news, EVP Godfrey B. Evans acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was acquired at an average price of $28.48 per share, with a total value of $28,480.00. Following the purchase, the executive vice president now directly owns 46,432 shares in the company, valued at $1,322,383.36. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.64% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its stake in shares of HomeStreet by 170.9% during the second quarter. Meeder Asset Management Inc. now owns 1,704 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 1,075 shares during the last quarter. Quantamental Technologies LLC bought a new position in shares of HomeStreet during the second quarter valued at $61,000. Bank of Montreal Can raised its stake in shares of HomeStreet by 92.4% during the second quarter. Bank of Montreal Can now owns 4,659 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 2,238 shares during the last quarter. Aperio Group LLC acquired a new stake in shares of HomeStreet during the second quarter worth $263,000. Finally, Nisa Investment Advisors LLC acquired a new stake in shares of HomeStreet during the second quarter worth $273,000. 89.08% of the stock is owned by hedge funds and other institutional investors.

About HomeStreet

HomeStreet, Inc operates as the bank holding company for HomeStreet Bank, a state-chartered commercial bank that provides commercial and consumer banking services primarily in the Pacific Northwest, California, and Hawaii. The company operates in two segments, Commercial and Consumer Banking, and Mortgage Banking.

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