Price Action Alert: Is Buying HomeStreet Inc Here a Winning Strategy?

Price Action Alert: Is Buying HomeStreet Inc Here a Winning Strategy?

The stock of HomeStreet Inc (NASDAQ:HMST) hit a new 52-week high and has $48.72 target or 68.00% above today’s $29.00 share price. The 7 months bullish chart indicates low risk for the $753.05M company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $48.72 price target is reached, the company will be worth $512.07M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 255,699 shares traded hands or 19.82% up from the average. HomeStreet Inc (NASDAQ:HMST) has risen 33.55% since April 15, 2016 and is uptrending. It has outperformed by 28.93% the S&P500.

HomeStreet Inc (NASDAQ:HMST) Ratings Coverage

Out of 5 analysts covering HomeStreet (NASDAQ:HMST), 3 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 60% are positive. HomeStreet has been the topic of 8 analyst reports since July 27, 2015 according to StockzIntelligence Inc. Macquarie Research maintained the stock with “Neutral” rating in Wednesday, October 28 report. On Monday, July 27 the stock rating was maintained by FBR Capital with “Outperform”. The firm has “Outperform” rating by Wood given on Thursday, October 1. The rating was downgraded by Sandler O’Neill on Monday, November 14 to “Hold”. FBR Capital maintained the shares of HMST in a report on Tuesday, October 25 with “Outperform” rating.

According to Zacks Investment Research, “HomeStreet, Inc. is a diversified financial services company. The Company is engaged in real estate lending, including mortgage banking activities and retail and business banking operations and serves consumers and businesses in the Pacific Northwest and Hawaii. It offers deposit and investment products and cash management services and single family loans and commercial loans. HomeStreet’s primary subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. It operates in Washington, Oregon, Idaho and Hawaii. HomeStreet, Inc. is headquartered in Seattle, Washington.”

Insitutional Activity: The institutional sentiment decreased to 1.48 in 2016 Q2. Its down 0.11, from 1.59 in 2016Q1. The ratio turned negative, as 15 funds sold all HomeStreet Inc shares owned while 27 reduced positions. 23 funds bought stakes while 39 increased positions. They now own 17.51 million shares or 1.13% more from 17.32 million shares in 2016Q1.
Tieton Capital Ltd Liability, a Washington-based fund reported 51,964 shares. Zurcher Kantonalbank (Zurich Cantonalbank) has invested 0% of its portfolio in HomeStreet Inc (NASDAQ:HMST). Morgan Stanley has invested 0% of its portfolio in HomeStreet Inc (NASDAQ:HMST). Fifth Third Natl Bank has 421 shares for 0% of their US portfolio. Great West Life Assurance Can last reported 0% of its portfolio in the stock. California Public Employees Retirement Sys has invested 0% of its portfolio in HomeStreet Inc (NASDAQ:HMST). Piermont Cap Mgmt holds 0.89% of its portfolio in HomeStreet Inc (NASDAQ:HMST) for 173,387 shares. Arcadia Invest Mgmt Mi accumulated 0.01% or 1,450 shares. Lsv Asset Management has 0% invested in the company for 113,304 shares. Coldstream Cap Management has invested 0.05% of its portfolio in HomeStreet Inc (NASDAQ:HMST). Investment Counselors Of Maryland Lc owns 686,339 shares or 0.75% of their US portfolio. American Finance accumulated 0.72% or 475,171 shares. Geode Cap Mngmt Limited, a Massachusetts-based fund reported 155,999 shares. Northern Corporation last reported 0% of its portfolio in the stock. Credit Suisse Ag has 0% invested in the company for 19,605 shares.

Insider Transactions: Since June 1, 2016, the stock had 1 buy, and 4 selling transactions for $110,970 net activity. TAYLOR PAMELA J also sold $1,973 worth of HomeStreet Inc (NASDAQ:HMST) shares. On Thursday, June 16 the insider ISEMAN JAY C sold $4,746. BENNION RICHARD W H had sold 5,334 shares worth $108,923. EDERER DAVID A bought 302 shares worth $6,946.

More news for HomeStreet Inc (NASDAQ:HMST) were recently published by: Businesswire.com, which released: “HomeStreet, Inc. Extends Exchange Offer for Its 6.50% Senior Notes Due 2026” on September 28, 2016. Businesswire.com‘s article titled: “HomeStreet, Inc. Reports Third Quarter 2016 Results” and published on October 24, 2016 is yet another important article.

HMST Company Profile

HomeStreet, Inc., incorporated on August 18, 1921, is a financial services firm serving clients primarily in the western United States, including Hawaii. The Firm is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. The Company’s operating divisions include Commercial and Consumer Banking, and Mortgage Banking. The Company’s subsidiaries include HomeStreet Bank (the Bank) and HomeStreet Capital Corporation. The Bank is a savings bank that provides mortgage and commercial loans, deposit services and products, non-deposit investment products, private banking and cash management services. Doing business as HomeStreet Insurance Agency, the Company provides insurance services and products for clients and businesses.

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