Charles Schwab Investment Management Inc. Lowers Position in HomeStreet, Inc. $HMST

Key Points

• Charles Schwab Investment Management Inc. sold 33,682 shares of HomeStreet, Inc., reducing its stake by 11.9% to approximately 1.31% of the company, worth about $2.9 million.
• Several institutional investors increased their positions in HomeStreet, with D. E. Shaw & Co. Inc. showing a significant increase of 126.3% in the fourth quarter.
• HomeStreet reported a loss of $0.16 per share in its latest quarterly earnings, missing analysts' expectations, and had a negative net margin of 42.54%.

Charles Schwab Investment Management Inc. reduced its stake in HomeStreet, Inc. (NASDAQ:HMST - Free Report) by 11.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 248,468 shares of the financial services provider's stock after selling 33,682 shares during the period. Charles Schwab Investment Management Inc. owned 1.31% of HomeStreet worth $2,917,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Stieven Capital Advisors L.P. acquired a new position in HomeStreet in the first quarter valued at $3,522,000. Basswood Capital Management L.L.C. purchased a new position in HomeStreet during the 4th quarter worth approximately $3,268,000. Wellington Management Group LLP increased its position in HomeStreet by 37.0% during the fourth quarter. Wellington Management Group LLP now owns 919,278 shares of the financial services provider's stock worth $10,498,000 after buying an additional 248,352 shares during the period. D. E. Shaw & Co. Inc. lifted its stake in HomeStreet by 126.3% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 428,578 shares of the financial services provider's stock valued at $4,894,000 after buying an additional 239,219 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of HomeStreet in the fourth quarter valued at approximately $2,704,000. Hedge funds and other institutional investors own 74.71% of the company's stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of HomeStreet from $12.00 to $13.50 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.17.

HomeStreet Price Performance

Shares of HMST traded up $0.25 during mid-day trading on Thursday, hitting $13.87. The company's stock had a trading volume of 292,884 shares, compared to its average volume of 143,074. The company has a current ratio of 1.03, a quick ratio of 1.02 and a debt-to-equity ratio of 3.14. HomeStreet, Inc. has a 1-year low of $8.41 and a 1-year high of $16.10. The firm has a market capitalization of $262.33 million, a P/E ratio of -1.87 and a beta of 1.40. The firm has a 50-day simple moving average of $13.31 and a 200 day simple moving average of $11.90.

HomeStreet (NASDAQ:HMST - Get Free Report) last announced its quarterly earnings data on Monday, July 28th. The financial services provider reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.21). HomeStreet had a negative net margin of 42.54% and a negative return on equity of 3.92%. The company had revenue of $48.97 million during the quarter, compared to analyst estimates of $49.96 million. Analysts predict that HomeStreet, Inc. will post 0.3 EPS for the current fiscal year.

HomeStreet Profile

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