HomeStreet, Inc. (NASDAQ:HMST) Announces Quarterly Dividend of $0.35

HomeStreet, Inc. (NASDAQ:HMST – Get Rating) announced a quarterly dividend on Friday, July 29th, Fidelity reports. Investors of record on Tuesday, August 9th will be given a dividend of 0.35 per share by the financial services provider on Tuesday, August 23rd. This represents a $1.40 annualized dividend and a dividend yield of 3.93%. The ex-dividend date is Monday, August 8th.

HomeStreet has a payout ratio of 32.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect HomeStreet to earn $4.39 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 31.9%.

HomeStreet Stock Performance

Shares of HomeStreet stock opened at $35.64 on Friday. HomeStreet has a fifty-two week low of $33.76 and a fifty-two week high of $57.40. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market capitalization of $666.47 million, a P/E ratio of 7.60 and a beta of 1.06. The company’s 50 day moving average price is $36.45 and its two-hundred day moving average price is $43.13.

HomeStreet (NASDAQ:HMST – Get Rating) last issued its earnings results on Monday, July 25th. The financial services provider reported $0.94 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.04). HomeStreet had a net margin of 28.50% and a return on equity of 14.46%. The company had revenue of $73.07 million during the quarter, compared to analyst estimates of $78.02 million. During the same quarter in the prior year, the business earned $1.37 EPS. On average, equities analysts forecast that HomeStreet will post 4.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on HMST shares. Piper Sandler cut their target price on shares of HomeStreet to $36.00 in a research report on Monday, July 4th. B. Riley lowered shares of HomeStreet from a “buy” rating to a “neutral” rating and cut their target price for the company from $55.00 to $43.00 in a research report on Tuesday, June 14th. DA Davidson cut their target price on shares of HomeStreet to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 27th. Finally, Wedbush raised their price target on shares of HomeStreet to $43.00 in a research note on Tuesday, July 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, HomeStreet has a consensus rating of “Hold” and a consensus target price of $39.75.

Insider Activity

In other HomeStreet news, Director Mark Robert Patterson purchased 5,000 shares of the company’s stock in a transaction dated Thursday, June 16th. The stock was purchased at an average price of $34.15 per share, with a total value of $170,750.00. Following the completion of the purchase, the director now owns 217,000 shares of the company’s stock, valued at $7,410,550. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Amen Darrell Van bought 1,000 shares of the stock in a transaction that occurred on Tuesday, May 24th. The stock was acquired at an average price of $39.25 per share, with a total value of $39,250.00. Following the completion of the purchase, the executive vice president now directly owns 3,000 shares of the company’s stock, valued at $117,750. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark Robert Patterson bought 5,000 shares of the stock in a transaction that occurred on Thursday, June 16th. The shares were purchased at an average cost of $34.15 per share, with a total value of $170,750.00. Following the purchase, the director now directly owns 217,000 shares of the company’s stock, valued at $7,410,550. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 51,000 shares of company stock valued at $1,913,660. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On HomeStreet

A number of hedge funds have recently bought and sold shares of HMST. Bank of America Corp DE increased its stake in HomeStreet by 3.7% in the first quarter. Bank of America Corp DE now owns 110,805 shares of the financial services provider’s stock valued at $5,250,000 after purchasing an additional 3,948 shares in the last quarter. Lido Advisors LLC bought a new stake in HomeStreet in the first quarter valued at $339,000. Dynamic Technology Lab Private Ltd bought a new stake in HomeStreet in the first quarter valued at $320,000. Captrust Financial Advisors increased its stake in HomeStreet by 52.0% in the first quarter. Captrust Financial Advisors now owns 2,573 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 880 shares in the last quarter. Finally, State Street Corp increased its stake in HomeStreet by 28.3% in the first quarter. State Street Corp now owns 1,092,200 shares of the financial services provider’s stock valued at $51,748,000 after purchasing an additional 240,973 shares in the last quarter. Institutional investors own 92.87% of the company’s stock.

About HomeStreet

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HomeStreet, Inc operates as the bank holding company for HomeStreet Bank that provides commercial, mortgage, and consumer/retail banking services primarily in the Western United States. The company offers personal and business checking, savings accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit; credit cards; insurance; and treasury management products and services.