HomeStreet Inc (HMST) Expected to Announce Quarterly Sales of $116.46 Million

Wall Street analysts expect HomeStreet Inc (NASDAQ:HMST) to post sales of $116.46 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for HomeStreet’s earnings, with estimates ranging from $109.23 million to $123.64 million. HomeStreet reported sales of $134.72 million in the same quarter last year, which would suggest a negative year over year growth rate of 13.6%. The business is scheduled to issue its next earnings results after the market closes on Monday, October 22nd.

According to Zacks, analysts expect that HomeStreet will report full year sales of $460.91 million for the current financial year, with estimates ranging from $452.93 million to $471.61 million. For the next fiscal year, analysts expect that the business will post sales of $483.67 million, with estimates ranging from $474.68 million to $492.72 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for HomeStreet.

HomeStreet (NASDAQ:HMST) last announced its earnings results on Monday, July 23rd. The financial services provider reported $0.46 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.11. The business had revenue of $120.39 million during the quarter, compared to the consensus estimate of $119.61 million. HomeStreet had a return on equity of 6.66% and a net margin of 11.40%. During the same period in the prior year, the company posted $0.42 EPS.

Several brokerages have recently weighed in on HMST. ValuEngine downgraded HomeStreet from a “buy” rating to a “hold” rating in a research note on Friday, September 28th. BidaskClub cut HomeStreet from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 3rd. Zacks Investment Research upgraded HomeStreet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 4th. B. Riley boosted their price target on HomeStreet from $35.00 to $36.00 and gave the stock a “buy” rating in a research report on Wednesday, July 25th. Finally, FIG Partners set a $30.00 price target on HomeStreet and gave the stock a “hold” rating in a research report on Wednesday, September 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $31.14.

Shares of HMST stock opened at $26.49 on Friday. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.06 and a quick ratio of 0.96. The company has a market cap of $714.89 million, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.65 and a beta of 0.33. HomeStreet has a 1-year low of $24.50 and a 1-year high of $32.60.

In other HomeStreet news, EVP Mary L. Vincent sold 8,459 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $29.57, for a total value of $250,132.63. Following the completion of the sale, the executive vice president now directly owns 14,123 shares in the company, valued at approximately $417,617.11. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Edward Schultz sold 11,644 shares of the company’s stock in a transaction on Friday, July 27th. The shares were sold at an average price of $29.48, for a total value of $343,265.12. The disclosure for this sale can be found here. 1.64% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Wells Fargo & Company MN raised its holdings in shares of HomeStreet by 4.4% in the 1st quarter. Wells Fargo & Company MN now owns 155,389 shares of the financial services provider’s stock valued at $4,452,000 after purchasing an additional 6,572 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in shares of HomeStreet by 14.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 130,129 shares of the financial services provider’s stock valued at $3,729,000 after purchasing an additional 16,815 shares during the period. Northern Trust Corp raised its holdings in shares of HomeStreet by 0.6% in the 1st quarter. Northern Trust Corp now owns 496,984 shares of the financial services provider’s stock valued at $14,240,000 after purchasing an additional 2,999 shares during the period. BlackRock Inc. raised its holdings in shares of HomeStreet by 2.8% in the 1st quarter. BlackRock Inc. now owns 3,557,126 shares of the financial services provider’s stock valued at $101,912,000 after purchasing an additional 95,923 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of HomeStreet by 16.1% in the 1st quarter. JPMorgan Chase & Co. now owns 215,289 shares of the financial services provider’s stock valued at $6,168,000 after purchasing an additional 29,863 shares during the period. Institutional investors own 81.25% of the company’s stock.

HomeStreet Company Profile

HomeStreet, Inc, together with its subsidiaries, provides various financial services primarily in the Pacific Northwest, California, and Hawaii. The company operates in two segments, Commercial and Consumer Banking, and Mortgage Banking. The Commercial and Consumer Banking segment offers deposit products; non-deposit investment products; and insurance products and cash management services.

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