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HMST

HomeStreet

$30.95

-0.55 (-1.75%)

18:10
01/12/17
01/12
18:10
01/12/17
18:10

HomeStreet: Q4 results 'significantly affected' by impacts to mortgage business

"HomeStreet's Q4 results were significantly affected by market changes adversely impacting our mortgage banking business. Notwithstanding the impact on Q4 results, we do not expect these factors will have a materially negative effect on our results going forward... During Q4, the financial markets were impacted by dramatic increases in long-term Treasury rates beginning in November in reaction to the results of the U.S. presidential election, and an increase in short-term interest rates by the Federal Reserve in December. Higher interest rates drove lower than forecasted mortgage application volume and interest rate lock commitments of $1.8B, and a lower level of 'pipeline fallout,' which in turn resulted in a higher volume of mortgage loan closings of $2.5B. Both of these volume changes have a negative impact on earnings for the period as most of our mortgage origination revenue is earned at interest rate lock commitment and most of our mortgage origination expense is incurred at closing. The unexpected and sustained increase in interest rates also resulted in asymmetrical changes in valuation between hedging derivatives and servicing valuations. This market dislocation reduced the value of our hedging derivatives to a greater extent than the value of our mortgage servicing rights increased in the quarter, resulting in lower risk management results," the company said.

HMST HomeStreet
$30.95

-0.55 (-1.75%)

03/03/16
DADA
03/03/16
NO CHANGE
DADA
HomeStreet provides good opportunity, says DA Davidson
After meeting with HomeStreet's management, DA Davidson says that the bank is benefiting from "strong loan demand and stable/improving credit quality." The firm says that the bank has multiple growth opportunities, while its momentum is building. DA Davidson thinks that the stock is, "a deep value, limited downside risk play." It keeps a Buy rating on the shares.
09/09/16
DADA
09/09/16
DOWNGRADE
DADA
Neutral
HomeStreet downgraded to Neutral from Buy at DA Davidson
DA Davidson analyst Jeff Rulis downgraded HomeStreet citing valuation.
11/14/16
SDLR
11/14/16
DOWNGRADE
SDLR
Hold
HomeStreet downgraded to Hold from Buy at Sandler O'Neill
Sandler O'Neill analyst Tim O'Brien downgraded HomeStreet to Hold with a $60 price target citing recent share strength.
12/20/16
12/20/16
DOWNGRADE
Target $33

Market Perform
HomeStreet downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Paul Miller downgraded HomeStreet to Market Perform saying the current valuation fairly reflects the strength of the U.S. mortgage market and the company's diversification efforts. The analyst raised his price target for the shares to $33 from $32.

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DIS

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ACXM

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CLNS

Colony NorthStar

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09:07
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Avis Budget

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INFY

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DRI

Darden

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MAT

Mattel

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MCHX

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UTX

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ACER

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OAS

Oasis Petroleum

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PRSC

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