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

HomeStreet (NASDAQ:HMST) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, 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 analysts also recently issued reports on the stock. DA Davidson upgraded shares of HomeStreet from an “underperform” rating to a “neutral” rating and set a $27.00 price objective on the stock in a report on Friday, August 16th. BidaskClub lowered shares of HomeStreet from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, TheStreet cut shares of HomeStreet from a “b” rating to a “c+” rating in a report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $31.20.

Shares of NASDAQ:HMST traded up $0.42 during mid-day trading on Wednesday, reaching $28.27. 79,889 shares of the stock were exchanged, compared to its average volume of 167,694. The stock’s 50 day simple moving average is $27.04 and its 200-day simple moving average is $28.04. HomeStreet has a one year low of $20.50 and a one year high of $31.96. The company has a market cap of $659.22 million, a P/E ratio of 19.10 and a beta of 0.68. 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 earnings results on Monday, July 22nd. The financial services provider reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.41). HomeStreet had a net margin of 4.74% and a return on equity of 4.74%. The firm had revenue of $69.02 million during the quarter, compared to the consensus estimate of $65.59 million. During the same quarter in the previous year, the firm posted $0.46 EPS. Analysts anticipate that HomeStreet will post 1.21 EPS for the current fiscal year.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in HomeStreet by 14.1% during the second quarter. Russell Investments Group Ltd. now owns 2,197,765 shares of the financial services provider’s stock worth $65,132,000 after buying an additional 270,958 shares during the last quarter. Vanguard Group Inc. lifted its stake in HomeStreet by 0.9% in the second quarter. Vanguard Group Inc. now owns 1,726,154 shares of the financial services provider’s stock valued at $51,164,000 after acquiring an additional 15,494 shares during the last quarter. Boston Partners lifted its stake in HomeStreet by 13.4% in the second quarter. Boston Partners now owns 1,149,315 shares of the financial services provider’s stock valued at $34,066,000 after acquiring an additional 135,999 shares during the last quarter. Investment Counselors of Maryland LLC lifted its stake in HomeStreet by 1.0% in the second quarter. Investment Counselors of Maryland LLC now owns 792,269 shares of the financial services provider’s stock valued at $23,483,000 after acquiring an additional 8,125 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of HomeStreet by 2.4% in the 2nd quarter. Northern Trust Corp now owns 494,199 shares of the financial services provider’s stock valued at $14,648,000 after acquiring an additional 11,761 shares during the period. 89.12% of the stock is owned by 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.

Featured Story: Why do earnings reports matter?

Get a free copy of the Zacks research report on HomeStreet (HMST)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for HomeStreet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for HomeStreet and related companies with MarketBeat.com's FREE daily email newsletter.