UPDATE: FIG Partners Initiates HomeStreet at Outperform on Mortgage Profitability
FIG Partners initiated coverage on HomeStreet (NASDAQ: HMST) with an Outperform rating and a $55 price target.
FIG Partners commented, "The majority of originated mortgage loans are underwritten to secondary market standards with most sold to or securitized by Fannie Mae, Freddie Mac or Ginnie Mae. As a result of the securitization process and low default rates, HomeStreet has recognized gross loan sale margins near 3% -- more than double the margin earned by originators that do not securitize."
HomeStreet closed at $40.29 on Monday.
Latest Ratings for HMST
|Apr 2015||Keefe Bruyette & Woods||Initiates Coverage on||Outperform|
|Apr 2015||DA Davidson||Initiates Coverage on||Buy|
|Oct 2012||FIG Partners||Initiates Coverage on||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.