Wellington Management Group LLP Buys 261,759 Shares of HomeStreet, Inc. $HMST

Key Points

• Wellington Management Group LLP increased its stake in HomeStreet, Inc. by 28.5%, owning approximately 1,181,037 shares valued at $13.87 million.
• Wall Street analysts have a consensus rating of "Moderate Buy" for HomeStreet, with a target price revised to $14.17.
• Despite recent structural changes, HomeStreet reported a quarterly EPS of ($0.16), missing estimates by ($0.21), with revenues falling short of expectations at $48.97 million.

Wellington Management Group LLP boosted its stake in HomeStreet, Inc. (NASDAQ:HMST - Free Report) by 28.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,181,037 shares of the financial services provider's stock after acquiring an additional 261,759 shares during the quarter. Wellington Management Group LLP owned 6.24% of HomeStreet worth $13,865,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in HMST. Stieven Capital Advisors L.P. bought a new stake in HomeStreet in the 1st quarter valued at $3,522,000. Basswood Capital Management L.L.C. bought a new stake in HomeStreet in the 4th quarter valued at $3,268,000. D. E. Shaw & Co. Inc. lifted its position in HomeStreet by 126.3% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 428,578 shares of the financial services provider's stock valued at $4,894,000 after acquiring an additional 239,219 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in HomeStreet in the fourth quarter valued at $2,704,000. Finally, Gator Capital Management LLC bought a new position in HomeStreet in the first quarter valued at $2,219,000. 74.71% of the stock is owned by institutional investors.

HomeStreet Stock Up 1.8%

HomeStreet stock traded up $0.25 during mid-day trading on Monday, reaching $13.87. The company's stock had a trading volume of 292,884 shares, compared to its average volume of 148,544. The company has a debt-to-equity ratio of 3.14, a quick ratio of 1.02 and a current ratio of 1.03. The business's 50 day simple moving average is $13.22 and its 200 day simple moving average is $11.84. HomeStreet, Inc. has a 12 month low of $8.41 and a 12 month high of $16.10. The company has a market capitalization of $262.42 million, a price-to-earnings ratio of -1.87 and a beta of 1.40.

HomeStreet (NASDAQ:HMST - Get Free Report) last posted its quarterly earnings results on Monday, July 28th. The financial services provider reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.21). HomeStreet had a negative return on equity of 3.92% and a negative net margin of 42.54%.The firm had revenue of $48.97 million for the quarter, compared to the consensus estimate of $49.96 million. As a group, research analysts anticipate that HomeStreet, Inc. will post 0.3 earnings per share for the current year.

Analysts Set New Price Targets

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

About HomeStreet

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.