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UPDATE: FIG Partners Initiates HomeStreet at Outperform on Mortgage Profitability

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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

DateFirmActionFromTo
Jul 2015MacquarieMaintainsNeutral
Apr 2015Keefe Bruyette & WoodsInitiates Coverage onOutperform
Apr 2015DA DavidsonInitiates Coverage onBuy

View More Analyst Ratings for HMST
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Posted-In: FIG PartnersAnalyst Color Initiation Intraday Update Analyst Ratings

 

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