Wedbush Brokers Reduce Earnings Estimates for HomeStreet, Inc. (NASDAQ:HMST)

HomeStreet, Inc. (NASDAQ:HMST) – Equities research analysts at Wedbush reduced their Q2 2024 earnings per share (EPS) estimates for HomeStreet in a report issued on Wednesday, May 1st. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of ($0.19) for the quarter, down from their previous forecast of ($0.03). Wedbush currently has a “Neutral” rating and a $16.00 target price on the stock. The consensus estimate for HomeStreet’s current full-year earnings is ($0.38) per share. Wedbush also issued estimates for HomeStreet’s Q3 2024 earnings at $0.02 EPS, Q4 2024 earnings at $0.11 EPS, FY2024 earnings at ($0.35) EPS, Q1 2025 earnings at $0.04 EPS, Q2 2025 earnings at $0.06 EPS and FY2025 earnings at $0.45 EPS.

Several other brokerages have also recently issued reports on HMST. StockNews.com began coverage on HomeStreet in a research report on Wednesday, May 1st. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods lowered their price objective on HomeStreet from $15.50 to $13.50 and set a “market perform” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $11.50.

HomeStreet Price Performance

NASDAQ HMST opened at $10.48 on Monday. HomeStreet has a one year low of $4.20 and a one year high of $15.82. The stock has a 50-day moving average of $13.64 and a 200 day moving average of $11.14. The company has a market capitalization of $197.65 million, a price-to-earnings ratio of -4.92 and a beta of 1.35. The company has a debt-to-equity ratio of 4.40, a quick ratio of 1.17 and a current ratio of 1.17.

Insider Buying and Selling

In other news, Director Joanne R. Harrell acquired 1,685 shares of HomeStreet stock in a transaction on Friday, March 15th. The shares were acquired at an average price of $14.87 per share, with a total value of $25,055.95. Following the purchase, the director now directly owns 14,907 shares in the company, valued at approximately $221,667.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.60% of the stock is owned by insiders.

Hedge Funds Weigh In On HomeStreet

Large investors have recently modified their holdings of the stock. Caldwell Sutter Capital Inc. purchased a new stake in shares of HomeStreet in the 1st quarter worth $903,000. CCG Wealth Management LLC increased its position in HomeStreet by 29.3% during the 1st quarter. CCG Wealth Management LLC now owns 229,781 shares of the financial services provider’s stock valued at $3,458,000 after buying an additional 52,136 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in HomeStreet during the 4th quarter valued at about $2,112,000. Neuberger Berman Group LLC acquired a new position in HomeStreet during the 4th quarter valued at about $170,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of HomeStreet by 132.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,388 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 2,503 shares during the period. Institutional investors 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.