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

HomeStreet (NASDAQ:HMST) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has a $48.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 13.99% from the company’s current price.

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. “

Shares of HMST opened at $42.11 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.86 and a debt-to-equity ratio of 0.25. HomeStreet has a 1 year low of $28.12 and a 1 year high of $52.46. The stock has a market cap of $875.68 million, a P/E ratio of 8.22 and a beta of 1.00. The stock’s 50-day moving average price is $40.03 and its two-hundred day moving average price is $41.25.

HomeStreet (NASDAQ:HMST) last released its quarterly earnings data on Sunday, July 25th. The financial services provider reported $1.37 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.21. HomeStreet had a return on equity of 16.91% and a net margin of 29.10%. The business had revenue of $86.20 million for the quarter, compared to analysts’ expectations of $86.18 million. As a group, equities analysts forecast that HomeStreet will post 4.92 EPS for the current year.

In related news, Director Douglas Irvine Smith bought 10,117 shares of the business’s stock in a transaction dated Tuesday, August 3rd. The stock was purchased at an average cost of $38.46 per share, for a total transaction of $389,099.82. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John Michel bought 8,000 shares of the business’s stock in a transaction dated Tuesday, August 3rd. The shares were bought at an average price of $37.75 per share, with a total value of $302,000.00. The disclosure for this purchase can be found here. 3.80% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. Lazard Asset Management LLC bought a new stake in shares of HomeStreet during the 1st quarter valued at about $29,000. Denali Advisors LLC purchased a new stake in shares of HomeStreet during the third quarter valued at approximately $37,000. Royal Bank of Canada increased its position in shares of HomeStreet by 86.9% during the second quarter. Royal Bank of Canada now owns 1,424 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 662 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in HomeStreet by 321.0% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,461 shares of the financial services provider’s stock worth $60,000 after buying an additional 1,114 shares during the last quarter. Finally, Captrust Financial Advisors purchased a new stake in HomeStreet in the first quarter worth $82,000. 86.64% of the stock is owned by institutional investors.

HomeStreet Company Profile

HomeStreet, Inc is a holding company, which engages in the provision of commercial and consumer banking and real estate lending services. It operates through the Commercial and Consumer Banking. The Commercial and Consumer Banking segment offers diversified financial products and services to its commercial and consumer customers through bank branches, and through automated teller machines (ATMs), online, mobile and telephone banking.

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