HomeStreet (NASDAQ:HMST) Issues 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) released its quarterly earnings results on Monday. The financial services provider reported ($0.16) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.21), Zacks reports. The company had revenue of $48.97 million during the quarter, compared to the consensus estimate of $49.96 million. HomeStreet had a negative net margin of 42.54% and a negative return on equity of 3.83%.

HomeStreet Stock Performance

NASDAQ HMST traded down $0.18 during trading hours on Friday, hitting $12.90. The company's stock had a trading volume of 28,407 shares, compared to its average volume of 129,609. HomeStreet has a 12 month low of $8.41 and a 12 month high of $16.10. The company's 50 day simple moving average is $12.89 and its two-hundred day simple moving average is $11.37. The company has a market cap of $244.01 million, a P/E ratio of -1.74 and a beta of 1.38. The company has a debt-to-equity ratio of 3.06, a current ratio of 1.02 and a quick ratio of 1.02.

Institutional Investors Weigh In On HomeStreet

A number of large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in shares of HomeStreet by 12.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 297,001 shares of the financial services provider's stock valued at $3,487,000 after acquiring an additional 32,912 shares during the period. AQR Capital Management LLC grew its stake in shares of HomeStreet by 67.0% during the 1st quarter. AQR Capital Management LLC now owns 89,863 shares of the financial services provider's stock valued at $1,055,000 after acquiring an additional 36,052 shares during the period. Finally, Acadian Asset Management LLC purchased a new position in HomeStreet in the 1st quarter worth approximately $124,000. 74.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Keefe, Bruyette & Woods lifted 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. Wall Street Zen raised HomeStreet from a "sell" rating to a "hold" rating in a research report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $14.17.

HomeStreet Company 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.