HomeStreet (NASDAQ:HMST) Stock Rating Lowered by Zacks Investment Research

HomeStreet (NASDAQ:HMST) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Saturday, Zacks.com reports.

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 equities research analysts have also issued reports on the stock. BidaskClub raised shares of HomeStreet from a “hold” rating to a “buy” rating in a report on Tuesday, December 17th. B. Riley reissued a “buy” rating and issued a $38.00 price objective on shares of HomeStreet in a report on Thursday, December 12th. TheStreet raised shares of HomeStreet from a “c+” rating to a “b” rating in a report on Thursday, November 7th. Finally, ValuEngine cut shares of HomeStreet from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. HomeStreet has a consensus rating of “Buy” and a consensus price target of $33.25.

Shares of HMST opened at $33.63 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.19. HomeStreet has a 12-month low of $21.87 and a 12-month high of $35.44. The firm has a 50-day moving average price of $32.87 and a 200 day moving average price of $29.49. The firm has a market capitalization of $820.94 million, a P/E ratio of 22.72 and a beta of 0.73.

HomeStreet (NASDAQ:HMST) last announced its quarterly earnings data on Monday, October 21st. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.21. HomeStreet had a net margin of 5.66% and a return on equity of 4.88%. The firm had revenue of $71.71 million during the quarter, compared to analyst estimates of $67.04 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Equities research analysts predict that HomeStreet will post 1.52 earnings per share for the current fiscal year.

In other HomeStreet news, Director Victor H. Indiek sold 3,272 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $31.28, for a total value of $102,348.16. Following the transaction, the director now owns 5,693 shares of the company’s stock, valued at $178,077.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.64% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantamental Technologies LLC acquired a new position in HomeStreet in the second quarter valued at about $61,000. Bank of Montreal Can lifted its position 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 worth $138,000 after purchasing an additional 2,238 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of HomeStreet by 7.7% during the second quarter. State Board of Administration of Florida Retirement System now owns 9,357 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 670 shares in the last quarter. State of Tennessee Treasury Department lifted its position in shares of HomeStreet by 8.5% during the third quarter. State of Tennessee Treasury Department now owns 11,776 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 926 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of HomeStreet by 104.0% during the third quarter. State of Alaska Department of Revenue now owns 18,746 shares of the financial services provider’s stock worth $512,000 after purchasing an additional 9,556 shares in the last quarter. 82.65% of the stock is currently owned by institutional investors.

HomeStreet Company Profile

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.

Further Reading: Municipal Bonds

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