HomeStreet (NASDAQ:HMST) Upgraded to “Buy” at Zacks Investment Research

HomeStreet (NASDAQ:HMST) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm presently has a $37.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.05% 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. “

Other equities analysts also recently issued reports about the stock. ValuEngine downgraded shares of HomeStreet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. TheStreet upgraded shares of HomeStreet from a “c+” rating to a “b” rating in a research report on Thursday, November 7th. BidaskClub raised shares of HomeStreet from a “sell” rating to a “hold” rating in a research note on Saturday, October 19th. Finally, DA Davidson upgraded shares of HomeStreet from an “underperform” rating to a “neutral” rating and set a $27.00 price objective for the company in a report on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $32.50.

NASDAQ HMST opened at $32.73 on Wednesday. The business has a fifty day moving average price of $31.41 and a 200 day moving average price of $28.98. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.89 and a current ratio of 0.91. The company has a market cap of $796.52 million, a P/E ratio of 22.11 and a beta of 0.71. HomeStreet has a one year low of $20.50 and a one year high of $35.44.

HomeStreet (NASDAQ:HMST) last announced its earnings results on Monday, October 21st. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $71.71 million for the quarter, compared to analysts’ expectations of $67.04 million. During the same quarter in the previous year, the company posted $0.45 EPS. As a group, sell-side analysts predict that HomeStreet will post 1.48 EPS for the current fiscal year.

In related news, Director Victor H. Indiek sold 3,272 shares of HomeStreet stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $31.28, for a total transaction of $102,348.16. Following the transaction, the director now owns 5,693 shares in the company, valued at $178,077.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.64% of the company’s stock.

A number of large investors have recently modified their holdings of HMST. Meeder Asset Management Inc. increased its stake in shares of HomeStreet by 170.9% in the 2nd quarter. Meeder Asset Management Inc. now owns 1,704 shares of the financial services provider’s stock worth $51,000 after acquiring an additional 1,075 shares during the last quarter. Quantamental Technologies LLC acquired a new position in shares of HomeStreet during the 2nd quarter valued at about $61,000. Bank of Montreal Can grew its holdings in shares of HomeStreet by 92.4% in the second quarter. Bank of Montreal Can now owns 4,659 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 2,238 shares during the period. Aperio Group LLC purchased a new stake in shares of HomeStreet in the second quarter valued at about $263,000. Finally, State Board of Administration of Florida Retirement System grew its holdings in shares of HomeStreet by 7.7% in the second quarter. State Board of Administration of Florida Retirement System now owns 9,357 shares of the financial services provider’s stock valued at $277,000 after purchasing an additional 670 shares during the period. Institutional investors own 82.65% of the company’s stock.

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.

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