HomeStreet (HMST) Expected to Announce Quarterly Sales of $116.75 Million

Wall Street analysts expect that HomeStreet (NASDAQ:HMST) will report sales of $116.75 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for HomeStreet’s earnings, with estimates ranging from $112.96 million to $121.88 million. HomeStreet posted sales of $120.11 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 2.8%. The business is scheduled to announce its next quarterly earnings results after the market closes on Monday, April 23rd.

According to Zacks, analysts expect that HomeStreet will report full-year sales of $510.59 million for the current fiscal year, with estimates ranging from $505.56 million to $515.00 million. For the next fiscal year, analysts expect that the company will report sales of $539.65 million per share, with estimates ranging from $528.38 million to $547.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for HomeStreet.

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HomeStreet (NASDAQ:HMST) last announced its quarterly earnings data on Monday, January 22nd. The financial services provider reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.02). HomeStreet had a net margin of 12.54% and a return on equity of 7.26%. The firm had revenue of $123.88 million for the quarter, compared to analyst estimates of $127.13 million. During the same quarter in the previous year, the company earned $0.09 EPS.

Several brokerages have issued reports on HMST. BidaskClub cut HomeStreet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 10th. Zacks Investment Research cut HomeStreet from a “hold” rating to a “strong sell” rating in a research report on Saturday, April 7th. Sandler O’Neill set a $31.00 price target on HomeStreet and gave the stock a “hold” rating in a research report on Thursday, March 29th. B. Riley reiterated a “neutral” rating on shares of HomeStreet in a research report on Friday, March 2nd. Finally, ValuEngine upgraded HomeStreet from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $30.75.

In other news, CEO Mark K. Mason sold 6,934 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $29.53, for a total transaction of $204,761.02. Following the sale, the chief executive officer now directly owns 131,293 shares in the company, valued at approximately $3,877,082.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Godfrey B. Evans sold 965 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $29.66, for a total value of $28,621.90. Following the sale, the executive vice president now owns 23,783 shares in the company, valued at $705,403.78. The disclosure for this sale can be found here. Insiders have sold a total of 14,414 shares of company stock worth $426,792 over the last quarter. Insiders own 1.64% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Ameriprise Financial Inc. grew its holdings in HomeStreet by 3.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 514,127 shares of the financial services provider’s stock worth $13,881,000 after buying an additional 15,229 shares in the last quarter. Wells Fargo & Company MN grew its holdings in HomeStreet by 11.1% in the 3rd quarter. Wells Fargo & Company MN now owns 111,240 shares of the financial services provider’s stock worth $3,003,000 after buying an additional 11,128 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in HomeStreet by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,258,773 shares of the financial services provider’s stock worth $60,986,000 after buying an additional 44,281 shares in the last quarter. Highbridge Capital Management LLC bought a new position in HomeStreet in the 3rd quarter worth approximately $366,000. Finally, California Public Employees Retirement System grew its holdings in HomeStreet by 6.5% in the 3rd quarter. California Public Employees Retirement System now owns 48,117 shares of the financial services provider’s stock worth $1,299,000 after buying an additional 2,917 shares in the last quarter. Institutional investors and hedge funds own 79.73% of the company’s stock.

Shares of NASDAQ HMST opened at $27.30 on Monday. HomeStreet has a 52-week low of $24.00 and a 52-week high of $32.60. The company has a market cap of $747.12, a price-to-earnings ratio of 16.25, a PEG ratio of 1.35 and a beta of 0.34. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.93 and a current ratio of 1.05.

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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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