Zacks: Analysts Anticipate HomeStreet Inc (HMST) Will Announce Earnings of $0.43 Per Share

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Brokerages expect HomeStreet Inc (NASDAQ:HMST) to announce earnings of $0.43 per share for the current fiscal quarter, according to Zacks. Three analysts have made estimates for HomeStreet’s earnings, with estimates ranging from $0.35 to $0.56. HomeStreet reported earnings per share of $0.61 in the same quarter last year, which would indicate a negative year over year growth rate of 29.5%. The business is expected to report its next quarterly earnings results on Monday, October 22nd.

On average, analysts expect that HomeStreet will report full year earnings of $1.35 per share for the current financial year, with EPS estimates ranging from $1.23 to $1.52. For the next fiscal year, analysts expect that the business will post earnings of $2.27 per share, with EPS estimates ranging from $2.15 to $2.40. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover HomeStreet.

HomeStreet (NASDAQ:HMST) last announced its earnings results on Monday, July 23rd. The financial services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.11. HomeStreet had a net margin of 11.40% and a return on equity of 6.66%. The business had revenue of $120.39 million for the quarter, compared to the consensus estimate of $119.61 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share.

Several brokerages have recently weighed in on HMST. B. Riley raised shares of HomeStreet from a “neutral” rating to a “buy” rating and increased their target price for the company from $30.00 to $35.00 in a research note on Monday, June 11th. ValuEngine downgraded shares of HomeStreet from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. FIG Partners set a $30.00 target price on shares of HomeStreet and gave the company a “hold” rating in a research note on Wednesday, September 12th. Zacks Investment Research raised shares of HomeStreet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 4th. Finally, BidaskClub downgraded shares of HomeStreet from a “hold” rating to a “sell” rating in a research note on Friday, September 7th. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $31.14.

Shares of HMST traded down $0.30 during midday trading on Friday, hitting $28.45. The stock had a trading volume of 931 shares, compared to its average volume of 60,262. HomeStreet has a 1 year low of $24.50 and a 1 year high of $32.60. The company has a market cap of $755.35 million, a P/E ratio of 16.93, a P/E/G ratio of 1.74 and a beta of 0.30. The company has a current ratio of 1.06, a quick ratio of 0.96 and a debt-to-equity ratio of 1.65.

In related news, EVP Mary L. Vincent sold 8,459 shares of the firm’s stock in a transaction dated Tuesday, August 28th. The shares were sold at an average price of $29.57, for a total value of $250,132.63. Following the transaction, the executive vice president now owns 14,123 shares of the company’s stock, valued at approximately $417,617.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward Schultz sold 11,644 shares of the firm’s stock in a transaction dated Friday, July 27th. The stock was sold at an average price of $29.48, for a total transaction of $343,265.12. The disclosure for this sale can be found here. Company insiders own 1.64% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sei Investments Co. increased its position in HomeStreet by 438.1% during the 1st quarter. Sei Investments Co. now owns 4,380 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 3,566 shares during the period. Piedmont Investment Advisors LLC purchased a new position in HomeStreet during the 2nd quarter valued at about $172,000. FNY Investment Advisers LLC purchased a new position in HomeStreet during the 2nd quarter valued at about $175,000. Pinnacle Associates Ltd. purchased a new position in HomeStreet during the 2nd quarter valued at about $205,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in HomeStreet during the 1st quarter valued at about $228,000. 81.25% of the stock is currently owned by institutional investors and hedge funds.

About HomeStreet

HomeStreet, Inc, together with its subsidiaries, provides various financial services primarily in the Pacific Northwest, California, and Hawaii. The company operates in two segments, Commercial and Consumer Banking, and Mortgage Banking. The Commercial and Consumer Banking segment offers deposit products; non-deposit investment products; and insurance products and cash management services.

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