HomeStreet (NASDAQ:HMST) Announces Quarterly Earnings Results

Key Points

• HomeStreet (NASDAQ: HMST) reported a quarterly loss of ($0.16) EPS, missing the consensus estimate of $0.05 by ($0.21).
• The stock price of HomeStreet experienced a slight decline of 0.5% on the trading day, closing at $13.18.
• Several analysts have upgraded their ratings on HomeStreet, with Janney Montgomery Scott upgrading it to a buy and Piper Sandler raising its price target from $10.00 to $14.00.

HomeStreet (NASDAQ:HMST - Get Free Report) issued its earnings results on Monday. The financial services provider reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.21), Zacks reports. HomeStreet had a negative net margin of 41.07% and a negative return on equity of 3.95%.

HomeStreet Stock Down 0.5%

HMST traded down $0.07 during trading hours on Monday, hitting $13.18. 34,755 shares of the company's stock were exchanged, compared to its average volume of 131,046. HomeStreet has a 1-year low of $8.41 and a 1-year high of $16.10. The stock's 50-day moving average is $12.82 and its two-hundred day moving average is $11.30. The stock has a market cap of $249.38 million, a price-to-earnings ratio of -1.76 and a beta of 1.38. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 3.06.

Analyst Upgrades and Downgrades

HMST has been the subject of several recent analyst reports. Janney Montgomery Scott raised shares of HomeStreet from a "neutral" rating to a "buy" rating in a research note on Tuesday, April 1st. Piper Sandler upped their price target on shares of HomeStreet from $10.00 to $14.00 and gave the company a "neutral" rating in a report on Tuesday, April 1st. Wall Street Zen upgraded shares of HomeStreet from a "sell" rating to a "hold" rating in a report on Wednesday, April 30th. Finally, Keefe, Bruyette & Woods upped their price target on shares of HomeStreet from $12.00 to $13.50 and gave the company a "market perform" rating in a report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $14.17.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in HMST. AQR Capital Management LLC boosted its holdings in HomeStreet by 67.0% during the first quarter. AQR Capital Management LLC now owns 89,863 shares of the financial services provider's stock worth $1,055,000 after purchasing an additional 36,052 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in HomeStreet by 12.5% during the first quarter. Goldman Sachs Group Inc. now owns 297,001 shares of the financial services provider's stock worth $3,487,000 after purchasing an additional 32,912 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in HomeStreet in the first quarter valued at $124,000. Institutional investors and hedge funds own 74.71% of the company's stock.

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.

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