HomeStreet (NASDAQ:HMST) Shares Pass Above 200-Day Moving Average After Earnings Miss

31 Oct 2024, 22:42 by Doug Wharley · The Cerbat Gem

Shares of HomeStreet, Inc. (NASDAQ:HMST – Get Free Report) crossed above its 200-day moving average during trading on Tuesday following a stronger than expected earnings report. The stock has a 200-day moving average of $12.85 and traded as high as $14.30. HomeStreet shares last traded at $13.92, with a volume of 72,307 shares traded.

The financial services provider reported ($0.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.12). HomeStreet had a negative net margin of 3.30% and a negative return on equity of 1.87%. The firm had revenue of $39.68 million during the quarter, compared to analysts’ expectations of $42.93 million.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on HMST shares. StockNews.com initiated coverage on HomeStreet in a research report on Sunday, September 22nd. They set a “sell” rating on the stock. Keefe, Bruyette & Woods lifted their target price on shares of HomeStreet from $13.50 to $14.50 and gave the company a “market perform” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $12.25.

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Insider Buying and Selling at HomeStreet

In other news, Director Paulette Lemon sold 2,401 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $15.59, for a total transaction of $37,431.59. Following the completion of the sale, the director now owns 16,923 shares of the company’s stock, valued at $263,829.57. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On HomeStreet

A number of large investors have recently made changes to their positions in HMST. Mendon Capital Advisors Corp boosted its stake in HomeStreet by 21.0% during the second quarter. Mendon Capital Advisors Corp now owns 363,000 shares of the financial services provider’s stock worth $4,138,000 after buying an additional 63,000 shares during the last quarter. Endeavour Capital Advisors Inc. increased its position in shares of HomeStreet by 113.6% during the 2nd quarter. Endeavour Capital Advisors Inc. now owns 706,253 shares of the financial services provider’s stock worth $8,051,000 after purchasing an additional 375,581 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in HomeStreet in the 2nd quarter valued at about $410,000. Squarepoint Ops LLC purchased a new stake in HomeStreet in the second quarter valued at approximately $122,000. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in HomeStreet by 23.2% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,350 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 2,703 shares in the last quarter. 74.71% of the stock is currently owned by hedge funds and other institutional investors.

HomeStreet Trading Down 0.1 %

The company has a 50 day moving average of $14.97 and a 200-day moving average of $12.83. The company has a debt-to-equity ratio of 4.06, a quick ratio of 1.14 and a current ratio of 1.14. The stock has a market cap of $170.76 million, a price-to-earnings ratio of -4.34 and a beta of 1.37.

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