HomeStreet (NASDAQ:HMST) Stock, Quote.Headers.trade-ideas

HomeStreet

HomeStreet Inc is a commercial bank. It provides commercial loans and consumer loans including mortgage loans, deposit products, private banking, and cash management services. The company loan products include commercial business loans and agriculture loans, consumer loans, single family residential mortgages, loans secured by commercial real estate and construction loans for residential and commercial real estate projects.

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US banks with large CRE loan portfolios face increased regulatory scrutiny, but NYCB stands out with steady growth despite exceeding threshold.

Banks With High Commercial Real Estate Loan Exposure In Regulatory Spotlight: Valley National Bancorp And 15 Others To Watch

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Why JetBlue Airways Shares Are Trading Lower By Around 14%? Here Are Other Stocks Moving In Tuesday&#39;s Mid-Day Session

HomeStreet Inc

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) with a Market Perform and raises the price target from $13.5 to $14.5.

Price Target

Keefe, Bruyette & Woods Maintains Market Perform on HomeStreet, Raises Price Target to $14.5

HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) reported quarterly losses of $(0.23) per share which beat the analyst consensus estimate of $(0.26) by 11.54 percent. This is a 235.29 percent decrease over earnings of $0.17 per share from the same period last year.

Earnings Beats

HomeStreet Q2 Adj $(0.23) Beats $(0.26) Estimate

HomeStreet, Inc. ("the Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) today announced that the preliminary vote count indicates that its shareholders approved the Agreement and Plan of Merger dated as of January 16, 2024, by and between FirstSun Capital Bancorp, the Company and Dynamis Subsidiary, Inc., as amended on April 30, 2024. Final voting results of the shareholder meeting held on June 18, 2024 will be filed with the Company's Form 8-K on Thursday June 20, 2024.

HomeStreet Approves Merger With FirstSun

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) with a Market Perform and maintains $13.5 price target.

Keefe, Bruyette & Woods Maintains Market Perform on HomeStreet, Maintains $13.5 Price Target

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) with a Market Perform and lowers the price target from $15.5 to $13.5.

Keefe, Bruyette & Woods Maintains Market Perform on HomeStreet, Lowers Price Target to $13.5

WIIM

HomeStreet shares are trading lower after the company reported worse-than-expected Q1 GAAP EPS results.

HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) reported quarterly losses of $(0.40) per share which missed the analyst consensus estimate of $(0.08) by 400 percent.

Earnings Misses

HomeStreet Q1 2024 GAAP EPS $(0.40) Misses $(0.08) Estimate

<ul>
<li>an increase in FirstSun's total equity capital raised in connection with the merger of an additional $45 million to $60 million, resulting in an increase from an aggregate capital raise of $175 million to up to $235 million (as further discussed below);</li>
<li>a revised exchange ratio pursuant to which HomeStreet shareholders will receive 0.3867 shares (revised from 0.4345 shares under the original merger agreement) of FirstSun common stock for each share of HomeStreet common stock, which represents a value of $13.53 per share (based on the closing price per share of FirstSun shares on April 29, 2024);</li>
<li>a reduced termination fee payable by HomeStreet in certain circumstances if HomeStreet receives a competing acquisition proposal within 30 days after the effective date of the Amendment to $2,600,000, plus reimbursement of FirstSun's transaction fees and expenses;</li>
<li>that the combined company's ongoing banking operations will operate under a Texas state charter with FirstSun's subsidiary bank, Sunflower Bank, converting from a national bank to a Texas state chartered bank and that Sunflower Bank will also seek membership in the Federal Reserve System;</li>
<li>FirstSun's issuance of $48.5 million of subordinated debt concurrently with the closing, the proceeds of which will be contributed to Sunflower Bank to further support Sunflower Bank's capital; and</li>
<li>HomeStreet's disposition or sale of approximately $300 million (based on principal balance) of certain of its Commercial Real Estate loans, which disposition or loan sales will be consummated upon, or as soon as reasonably practicable, after the closing of the merger</li>
</ul>

FSUN

FirstSun Capital Bancorp And HomeStreet Amend Merger Agreement; Increase In Firstsun's Total Equity Capital Raised In Connection With Merger Of Additional $45M-60M; Revised Ratio Which HomeStreet Shareholders Receive 0.3867 Shares

More than a dozen banks in the U.S. find themselves under the keen eye of financial watchdogs due to their sizable portfolios of commercial <a href="https://www.benzinga.com/topic/commercial-real-estate">real estate (CRE) loans.</a>
The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency jointly indicated their intent to scrutinize banks with CRE loan portfolios exceeding triple their capital and with growth that has exceeded 50% over the past three years. 
New York Community Bancorp, Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NYCB#NYSE">NYCB</a>) is not among institutions deserving increasing scrutiny. Despite having a CRE loan to total capital ratio of 462% — surpassing the regulatory concern threshold of 300% — NYCB&#8217;s portfolio growth of 25% over the past five years keeps it below the critical 50% growth threshold that watchdogs find alarming. 
This distinction is particularly noteworthy in light of NYCB&#8217;s recent underperformance and increased investor scrutiny following a lackluster earnings report earlier this month.
<h3 class="wp-block-heading">Regional Banks Under the Microscope </h3>
A Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-15/which-banks-may-face-scrutiny-of-commercial-real-estate-exposure?srnd=premium&amp;sref=TBDibEcD">analysis</a> of federal data spanning over 350 bank holding companies highlighted that numerous smaller lenders have attracted increased regulatory scrutiny. This is because they&#8217;ve rapidly built up significantly large concentrations in their CRE portfolios in recent years.
Valley National Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VLY#NASDAQ">VLY</a>) is identified as the largest institution that fits the criteria for heightened regulatory examination, with a staggering 80% growth in CRE loans over the past three years and an exposure that constitutes 471% of its total capital. 
Alongside Valley National, other banks such as HomeStreet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>), First Foundation Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NASDAQ">FFWM</a>), Dime Community Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DCOM#NASDAQ">DCOM</a>), Bridgewater Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BWB#NASDAQ">BWB</a>), Hometown Financial Group MHC, Axos Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AX#NYSE">AX</a>), OceanFirst Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OCFC#NASDAQ">OCFC</a>), First Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FBMS#NASDAQ">FBMS</a>), Chemung Financial Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHMG#NASDAQ">CHMG</a>), Watford City Bancshares Inc., Civista Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CIVB#NASDAQ">CIVB</a>), BCI Financial Group Inc., Veritex Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VBTX#NASDAQ">VBTX</a>), ServisFirst Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NYSE">SFBS</a>), Independent Bank Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INDB#NASDAQ">INDB</a>), Southern Missouri Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMBC#NASDAQ">SMBC</a>), QCR Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCRH#NASDAQ">QCRH</a>) and Enterprise Bancorp Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBTC#NASDAQ">EBTC</a>) are slated for closer inspection by regulators.
<h3 class="wp-block-heading">Market Reactions</h3>
Despite the regulatory cloud hanging over these institutions, the broader regional bank industry, as monitored by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), witnessed a 2.4% uptick on Thursday. 
This surge is attributed to a confluence of factors, including some positive news derived from the latest 13F filings and the market anticipation of Federal Reserve rate cuts prompted by <a href="https://www.benzinga.com/markets/equities/24/02/37156844/retail-sales-sink-in-january-manufacturing-indicators-improve-jobless-claims-fall-thursdays-econ">disappointing retail sales data.</a>
A couple of renowned fund managers added exposure to New York Community Bancorp in the fourth quarter of 2023. Notable among them is Soros Fund Management, which escalated its stake to 1,476,180 shares, valued at $15 million by the quarter&#8217;s end. Similarly, AQR Capital Management and Millennium Management substantially increased their holdings in New York Community Bancorp. 
Read now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/37139816/2008-big-short-oracle-burry-bets-big-on-chinese-giants-backs-google-amazons-ai-wave">2008 &#8216;Big Short&#8217; Oracle Burry Bets Big On Chinese Giants, Backs Google, Amazon&#8217;s AI Wave</a>

Wedbush analyst David Chiaverini maintains HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) with a Neutral and raises the price target from $15 to $16.

Wedbush Maintains Neutral on HomeStreet, Raises Price Target to $16

HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) reported its Q4 earnings results on Monday, January 29, 2024 at 04:01 PM.
Here's what investors need to know about the announcement.
<h3>Earnings</h3>
HomeStreet missed estimated earnings by 700.0%, reporting an EPS of $-0.12 versus an estimate of $0.02.
Revenue was down $19.42 million from the same period last year.
<h3>Past Earnings Performance</h3>
Last quarter the company beat on EPS by $0.07 which was followed by a 5.69% increase in the share price the next day.
Here's a look at HomeStreet's past performance:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.05</td>
<td>0.19</td>
<td>0.40</td>
<td>0.75</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.12</td>
<td>0.17</td>
<td>0.27</td>
<td>0.45</td>
</tr>
<tr>
<td>Revenue Estimate</td>
<td>52.92M</td>
<td>56.63M</td>
<td>63.24M</td>
<td>69.43M</td>
</tr>
<tr>
<td>Revenue Actual</td>
<td>49.38M</td>
<td>53.79M</td>
<td>59.57M</td>
<td>65.36M</td>
</tr>
</tbody>
</table>

To track all earnings releases for HomeStreet <a href="https://www.benzinga.com/quote/HMST/earnings">visit their earnings calendar here.</a> 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Recap: HomeStreet Q4 Earnings

HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) reported quarterly losses of $(0.12) per share which missed the analyst consensus estimate of $0.02 by 700 percent. This is a 126.67 percent decrease over earnings of $0.45 per share from the same period last year. The company reported quarterly sales of $45.95 million which missed the analyst consensus estimate of $49.71 million by 7.57 percent. This is a 29.71 percent decrease over sales of $65.36 million the same period last year.

HomeStreet Q4 Adj EPS $(0.12) Misses $0.02 Estimate, Sales $45.95M Miss $49.71M Estimate

<h3>Companies Reporting Before The Bell</h3>
&bull; Koninklijke Philips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>) is expected to report quarterly earnings at $0.63 per share on revenue of $5.79 billion.
&bull; Ryanair Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RYAAY#NASDAQ">RYAAY</a>) is projected to report quarterly earnings at $0.36 per share on revenue of $2.94 billion.
&bull; Provident Finl Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PROV#NASDAQ">PROV</a>) is expected to report quarterly earnings at $0.25 per share on revenue of $10.00 million.
&bull; Dynex Cap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DX#NYSE">DX</a>) is likely to report quarterly loss at $0.20 per share on revenue of $-5 million.
&bull; SoFi Techs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>) is estimated to report quarterly earnings at $0.00 per share on revenue of $571.49 million.
&bull; Alliance Res Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARLP#NASDAQ">ARLP</a>) is expected to report quarterly earnings at $1.14 per share on revenue of $661.88 million.
&bull; Franklin Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>) is projected to report quarterly earnings at $0.57 per share on revenue of $1.52 billion.
&bull; Pacific Premier Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPBI#NASDAQ">PPBI</a>) is likely to report quarterly earnings at $0.48 per share on revenue of $148.98 million.
&bull; Coda Octopus Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CODA#NASDAQ">CODA</a>) is expected to report quarterly earnings at $0.08 per share on revenue of $5.48 million.
&bull; Bank of Marin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMRC#NASDAQ">BMRC</a>) is projected to report quarterly earnings at $0.32 per share on revenue of $25.33 million.
<h3>Companies Reporting After The Bell</h3>
&bull; Equity Lifestyle Props (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELS#NYSE">ELS</a>) is estimated to report earnings for its fourth quarter.
&bull; Two Harbors Inv (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TWO#NYSE">TWO</a>) is expected to report quarterly loss at $0.06 per share on revenue of $-18 million.
&bull; Banco De Chile (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCH#NYSE">BCH</a>) is projected to report quarterly earnings at $0.71 per share on revenue of $841.39 million.
&bull; Southern Missouri Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMBC#NASDAQ">SMBC</a>) is likely to report quarterly earnings at $1.11 per share on revenue of $41.17 million.
&bull; Cadence Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CADE#NYSE">CADE</a>) is likely to report quarterly earnings at $0.53 per share on revenue of $438.19 million.
&bull; Helmerich &amp; Payne (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HP#NYSE">HP</a>) is projected to report quarterly earnings at $0.72 per share on revenue of $662.24 million.
&bull; Crane (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CR#NYSE">CR</a>) is estimated to report quarterly earnings at $0.82 per share on revenue of $520.59 million.
&bull; Cleveland-Cliffs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) is likely to report quarterly loss at $0.04 per share on revenue of $5.15 billion.
&bull; Super Micro Computer (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) is projected to report quarterly earnings at $4.93 per share on revenue of $3.06 billion.
&bull; Woodward (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WWD#NASDAQ">WWD</a>) is expected to report quarterly earnings at $1.10 per share on revenue of $748.29 million.
&bull; Sanmina (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SANM#NASDAQ">SANM</a>) is likely to report quarterly earnings at $1.22 per share on revenue of $1.87 billion.
&bull; Five Star (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSBC#NASDAQ">FSBC</a>) is projected to report quarterly earnings at $0.59 per share on revenue of $27.51 million.
&bull; High Tide (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HITI#NASDAQ">HITI</a>) is expected to report quarterly loss at $0.03 per share on revenue of $92.93 million.
&bull; Celestica (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLS#NYSE">CLS</a>) is expected to report quarterly earnings at $0.91 per share on revenue of $2.81 billion.
&bull; Nucor (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) is expected to report quarterly earnings at $2.87 per share on revenue of $7.65 billion.
&bull; Graco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GGG#NYSE">GGG</a>) is expected to report quarterly earnings at $0.79 per share on revenue of $564.21 million.
&bull; PotlatchDeltic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCH#NASDAQ">PCH</a>) is likely to report quarterly earnings at $0.03 per share on revenue of $241.98 million.
&bull; Alexandria Real Estate (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARE#NYSE">ARE</a>) is estimated to report earnings for its fourth quarter.
&bull; HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) is projected to report quarterly earnings at $0.02 per share on revenue of $49.71 million.
&bull; Servisfirst Bancshares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SFBS#NYSE">SFBS</a>) is expected to report quarterly earnings at $0.88 per share on revenue of $107.30 million.
&bull; Harmonic (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLIT#NASDAQ">HLIT</a>) is likely to report quarterly earnings at $0.10 per share on revenue of $159.80 million.
&bull; Heartland Financial USA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTLF#NASDAQ">HTLF</a>) is expected to report quarterly earnings at $1.10 per share on revenue of $179.99 million.
&bull; Transcat (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRNS#NASDAQ">TRNS</a>) is estimated to report quarterly earnings at $0.35 per share on revenue of $63.68 million.
&bull; FinWise (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FINW#NASDAQ">FINW</a>) is estimated to report quarterly earnings at $0.31 per share on revenue of $18.82 million.
&bull; Capital Southwest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSWC#NASDAQ">CSWC</a>) is projected to report quarterly earnings at $0.66 per share on revenue of $45.13 million.
&bull; F5 (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIV#NASDAQ">FFIV</a>) is projected to report quarterly earnings at $3.04 per share on revenue of $685.34 million.
&bull; Whirlpool (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WHR#NYSE">WHR</a>) is expected to report quarterly earnings at $3.56 per share on revenue of $4.98 billion.
&bull; Calix (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CALX#NYSE">CALX</a>) is projected to report quarterly earnings at $0.36 per share on revenue of $264.39 million.
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

ARLP

BMRC

CADE

CALX

CODA

CSWC

FFIV

FINW

FSBC

HITI

HLIT

HTLF

PPBI

PROV

RYAAY

SANM

SMCI

SOFI

TRNS

Earnings Scheduled For January 29, 2024

HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) is set to give its latest quarterly earnings report on Monday, 2024-01-29. Here's what investors need to know before the announcement.
Analysts estimate that HomeStreet will report an earnings per share (EPS) of $0.02. 
HomeStreet bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
Last quarter the company beat EPS by $0.07, which was followed by a 5.69% increase in the share price the next day.
Here's a look at HomeStreet's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.05</td>
<td>0.19</td>
<td>0.40</td>
<td>0.75</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.12</td>
<td>0.17</td>
<td>0.27</td>
<td>0.45</td>
</tr>
<tr>
<td>Price Change %</td>
<td>5.69%</td>
<td>-0.3%</td>
<td>-35.23%</td>
<td>1.31%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1706281277_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of HomeStreet were trading at $15.1 as of January 25. Over the last 52-week period, shares are down 42.67%. Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release. 
<a href="https://www.benzinga.com/quote/HMST/earnings">To track all earnings releases for HomeStreet visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Preview: HomeStreet

Keefe, Bruyette &amp; Woods analyst Wood Lay maintains HomeStreet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HMST#NASDAQ">HMST</a>) with a Market Perform and raises the price target from $11 to $15.5.

Keefe, Bruyette & Woods Maintains Market Perform on HomeStreet, Raises Price Target to $15.5

Keefe, Bruyette & Woods Maintains Market Perform on HomeStreet, Raises Price Target to $15.5-Report Released on 16 January 2024

U.S. stocks traded lower toward the end of trading, with the Dow Jones index falling around 350 points on Tuesday.
The Dow traded down 0.93% to 37,243.85 while the NASDAQ fell 0.58% to 14,885.45. The S&amp;P 500 also fell, dropping, 0.66% to 4,752.36.
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/01/36634554/how-to-earn-500-a-month-from-alcoa-stock-ahead-of-q4-earnings-report"> How To Earn $500 A Month From Alcoa Stock Ahead Of Q4 Earnings Report </a>
&nbsp;
<h3>Leading and Lagging Sectors</h3>
&nbsp;
Information technology shares rose by 0.1% on Tuesday.
In trading on Tuesday, energy shares fell by 1.9%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
PNC Financial Services Group Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnc#NYSE">PNC</a>) reported better-than-expected earnings for its fourth quarter.
The bank reported a revenue decline of 7% year-over-year (Y/Y) to $5.36 billion, beating the consensus of $5.29 billion. Adjusted EPS of $3.16 came above the consensus of $2.94.
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
DatChat, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dats#NASDAQ">DATS</a>) shares shot up 53% to $3.2292 after the company announced the proposed spin-off of its Habytat platform business.
Shares of Phunware, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/phun#NASDAQ">PHUN</a>) got a boost, surging 282% to $0.29.
HomeStreet, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hmst#NASDAQ">HMST</a>) shares were also up, gaining 44% to $15.46 after the company announced that it entered into a definitive merger agreement with FirstSun Capital Bancorp.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Allakos Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/allk#NASDAQ">ALLK</a>) shares dropped 57% to $1.2801 after the company announced topline data from its phase 2 trial for lirentelimab in atopic dermatitis and its phase 2b study in chronic spontaneous urticaria did not meet their primary endpoints.
Shares of Applied Digital Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apld#NASDAQ">APLD</a>) were down 21% to $5.91 after the company reported worse-than-expected second-quarter financial results and said it expects its revenue and EBITDA to be below the low end of its previously guided range for fiscal year 2024.
Leggett &amp; Platt, Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/leg#NYSE">LEG</a>) was down, falling 8% to $23.41 after the company announced a restructuring plan, which includes a workforce reduction, and withdrew its long-term financial targets.
Also Check This Out:<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/01/36636868/top-4-health-care-stocks-that-may-rocket-higher-in-q1"> Top 4 Health Care Stocks That May Rocket Higher In Q1 </a>
&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded down 0.9% to $72.06 while gold traded down 1.1% at $2,029.70.
Silver traded down 1% to $23.095 on Tuesday while copper rose 0.8% to $3.7710.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares closed mostly lower today. The eurozone&rsquo;s STOXX 600 fell 0.24%, London&rsquo;s FTSE 100 fell 0.48% while Spain&rsquo;s IBEX 35 Index dipped 0.82% The German DAX fell 0.30% French CAC 40 fell 0.18% while Italy&rsquo;s FTSE MIB Index rose 0.03%.
The ZEW Indicator of Economic Sentiment for Germany increased by 2.4 points to a reading of +15.2 in January, topping market estimates of +12, while the ZEW Indicator of Economic Sentiment for the Eurozone fell by 0.3 points to 22.7 in January.
The annual inflation rate in Italy eased to 0.6% in December from 0.7% in November, while German consumer price inflation increased to 3.7% year-over-year in December compared to November&rsquo;s reading of 3.2%.
Average weekly earnings, including bonuses, in the UK rose 6.5% year-over-year to GBP 666/week during the three months to November, while unemployment rate came in unchanged at 4.2%.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mostly lower on Tuesday, with Japan&rsquo;s Nikkei 225 falling 0.79%, Hong Kong&rsquo;s Hang Seng Index falling 2.16% and China&rsquo;s Shanghai Composite Index gaining 0.27%. India&rsquo;s S&amp;P BSE Sensex, meanwhile, fell 0.27%.
Producer prices in Japan showed no growth year-over-year in December following a 0.3% increase in the prior month.
&nbsp;
<h3>Economics</h3>
&nbsp;
The NY Empire State Manufacturing Index fell to -43.7 in January, recording the lowest reading since May 2020.
Now Read This: <a href="https://www.benzinga.com/news/24/01/36638198/nvidia-to-rally-over-35-here-are-10-top-analyst-forecasts-for-tuesday"> NVIDIA To Rally Over 35%? Here Are 10 Top Analyst Forecasts For Tuesday </a>

HomeStreet shares are trading higher after the company announced that it entered into a definitive merger agreement with FirstSun Capital Bancorp.

<ul>
<li>Combined assets of approximately&nbsp;$17 billion</li>
<li>Dallas, Texas headquartered bank with an extensive footprint in 6 of the top 10 fastest growing MSAs in the United States</li>
<li>Top-tier performance metrics on a pro forma combined basis: ~1.4%&nbsp;ROA and ~17%&nbsp;ROATCE</li>
<li>30%+ accretion to FSUN&#39;s 2025 estimated EPS</li>
<li>$175 million&nbsp;equity raise, led by Wellington Management, is fully committed</li>
<li>Pro forma balance sheet well-positioned with a high-quality combined deposit franchise and neutral interest rate risk profile</li>
<li>Highly experienced combined executive management team with proven expertise in M&amp;A</li>
</ul>

FirstSun Capital Bancorp And HomeStreet Announce Transformational Strategic Merger And $175M Equity Raise

AGNC

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ATLC

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BCOW

BSBK

CMTG

COLB

CURO

FIBK

FITB

GBCI

Hannon Armstrong Sustainable Infrastructure Capital

HASI

HBAN

HIFS

MKTX

NTRS

OPRT

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TREE

TROW

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ZION

Shares of financial stocks are trading higher amid strong market sentiment following the Fed's decision to leave rates unchanged.

New York Community Bancorp was the cheapest U.S. bank in April - S&P Global Market Intelligence

Companies in the Financial sector have received a lot of coverage today as analysts weigh in on Northfield Bancorp (NFBK – Research Report), Triple...

Analysts Offer Insights on Financial Companies: Northfield Bancorp (NFBK), TriplePoint Venture Growth (TPVG) and HomeStreet (HMST)

HomeStreet announces approval of merger with FirstSun

HomeStreet (HMST) has provided an announcement. At HomeStreet, Inc.'s shareholder meeting on June 18, 2024, all eight board-nominated director cand...

HomeStreet Shareholders Elect Directors, Approve FirstSun Merger

HomeStreet (HMST) has provided an update. HomeStreet, Inc. is sharing a second quarter 2024 slide presentation for use in discussions with investor...

HomeStreet Q2 2024 Outlook: Investor Presentation Highlights

HomeStreet Non-GAAP EPS of -$0.23 beats by $0.03, revenue of $42.93M beats by $0.1M

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
HomeStreet (NASDAQ:<a href="https://investorplace.com/stock-quotes/hmst-stock-quote/">HMST</a>) just reported results for the second quarter of 2024.<ul><li>HomeStreet reported earnings per share of -23 cents. This was above the analyst estimate for EPS of -26 cents.</li><li>The company reported revenue of $42.93 million.</li><li>This was 0.28% better than the analyst estimate for revenue of $42.81 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div><h3>More From InvestorPlace</h3>
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									</ul>The post <a href="https://investorplace.com/earning-results/2024/07/hmst-stock-earnings-homestreet-for-q2-of-2024/">HMST Stock Earnings: HomeStreet Beats EPS, Beats Revenue for Q2 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

HMST Stock Earnings: HomeStreet Beats EPS, Beats Revenue for Q2 2024

In a report released yesterday, Wood Lay from KBW maintained a Hold rating on HomeStreet (HMST – Research Report), with a price target of $14.50. T...

KBW Reaffirms Their Hold Rating on HomeStreet (HMST)

Wedbush analyst David Chiaverini maintained a Hold rating on HomeStreet (HMST – Research Report) today and set a price target of $15.00. David Chia...

HomeStreet's Hold Rating: Balancing NIM Pressure with Credit Quality and Merger Prospects

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