HomeStreet Inc (NASDAQ:HMST) Expected to Post Quarterly Sales of $64.33 Million

Brokerages forecast that HomeStreet Inc (NASDAQ:HMST) will post sales of $64.33 million for the current quarter, Zacks reports. Three analysts have provided estimates for HomeStreet’s earnings, with the highest sales estimate coming in at $67.40 million and the lowest estimate coming in at $58.78 million. HomeStreet reported sales of $109.75 million in the same quarter last year, which indicates a negative year over year growth rate of 41.4%. The business is scheduled to issue its next quarterly earnings report on Monday, October 28th.

On average, analysts expect that HomeStreet will report full year sales of $250.14 million for the current year, with estimates ranging from $232.03 million to $262.69 million. For the next financial year, analysts expect that the company will post sales of $255.68 million, with estimates ranging from $248.34 million to $260.39 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for HomeStreet.

HomeStreet (NASDAQ:HMST) last released its quarterly earnings results on Monday, July 22nd. The financial services provider reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $65.59 million. During the same period in the previous year, the business earned $0.46 earnings per share.

A number of research firms recently weighed in on HMST. ValuEngine raised shares of HomeStreet from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. BidaskClub lowered shares of HomeStreet from a “hold” rating to a “sell” rating in a research report on Saturday, August 17th. Zacks Investment Research raised shares of HomeStreet from a “hold” rating to a “strong-buy” rating and set a $33.00 price target on the stock in a research report on Friday, July 26th. DA Davidson raised shares of HomeStreet from an “underperform” rating to a “neutral” rating and set a $27.00 price target on the stock in a research report on Friday, August 16th. Finally, TheStreet lowered shares of HomeStreet from a “b” rating to a “c+” rating in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $31.20.

Shares of HMST traded down $0.68 during trading hours on Friday, reaching $25.85. 6,509 shares of the stock traded hands, compared to its average volume of 148,852. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.76. The stock has a fifty day simple moving average of $28.03 and a 200 day simple moving average of $28.05. HomeStreet has a 52 week low of $20.50 and a 52 week high of $31.96. The company has a market cap of $636.04 million, a price-to-earnings ratio of 17.50, a PEG ratio of 3.08 and a beta of 0.65.

In other HomeStreet news, EVP Godfrey B. Evans bought 1,000 shares of HomeStreet stock in a transaction dated Thursday, July 25th. The stock was purchased at an average price of $28.48 per share, for a total transaction of $28,480.00. Following the completion of the purchase, the executive vice president now directly owns 46,432 shares of the company’s stock, valued at $1,322,383.36. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Amen Darrell Van bought 2,000 shares of HomeStreet stock in a transaction dated Wednesday, June 12th. The stock was acquired at an average price of $30.75 per share, with a total value of $61,500.00. Following the purchase, the executive vice president now directly owns 38,858 shares of the company’s stock, valued at $1,194,883.50. The disclosure for this purchase can be found here. Insiders own 1.64% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers increased its stake in shares of HomeStreet by 0.8% in the first quarter. Rhumbline Advisers now owns 77,125 shares of the financial services provider’s stock worth $2,032,000 after purchasing an additional 646 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of HomeStreet by 1.5% in the second quarter. Prudential Financial Inc. now owns 44,280 shares of the financial services provider’s stock worth $1,312,000 after purchasing an additional 650 shares in the last quarter. Texas Permanent School Fund increased its stake in shares of HomeStreet by 3.8% in the first quarter. Texas Permanent School Fund now owns 18,329 shares of the financial services provider’s stock worth $483,000 after purchasing an additional 666 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake 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 worth $277,000 after purchasing an additional 670 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of HomeStreet by 2.7% in the first quarter. Comerica Bank now owns 26,632 shares of the financial services provider’s stock worth $732,000 after purchasing an additional 692 shares in the last quarter. Hedge funds and other institutional investors own 92.70% of the company’s stock.

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.

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