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HMST

HomeStreet

$28.40

0.5 (1.79%)

09:06
05/17/18
05/17
09:06
05/17/18
09:06

HomeStreet director Mark Paterson issues shareholder letter on Scott Boggs

Mark Patterson, a member of the Board of Directors of HomeStreet, the parent company of HomeStreet Bank, released an open letter to shareholders in connection with the Company's upcoming 2018 Annual Meeting of Shareholders, which is scheduled to be held on May 24, 2018. The letter read, in part: "As you likely know, I joined the HomeStreet Board in January of this year. Although I've only been on the Board for a few months, I am in fact deeply familiar with the Company...I understand both working in and investing in financial services companies, and I have especially extensive experience evaluating banking industry investments. I am also a substantial individual investor in HomeStreet with over 95,000 shares, which I acquired over the years.The reason I say all this is that I truly believe - having seen how the HomeStreet Board operates firsthand - that shareholders' best interests are well represented by the current directors. In particular, I have appreciated how Scott Boggs exercises the role of Lead Independent Director. I see him as an absolutely terrific advocate for shareholders and as highly qualified to head the Audit Committee...That's why I respectfully disagree with the decision by proxy advisory firm Institutional Shareholder Services not to recommend in favor of Scott's re-election to the Board. As a reminder, proxy advisory firm Glass Lewis & Co. recommended in favor of the election of all the Company's nominees, including Scott, Doug Smith, and me, and ISS recommended in support of Doug and me. I believe that ISS' decision to recommend against Scott was driven by an under-appreciation of the Company's strategy and performance. From my perspective, HomeStreet's operational strategy has worked, and continues to work, very well. At the Board's direction, HomeStreet's management has steadily executed on its strategy to grow the Commercial and Consumer Banking Segment at a faster pace than the Mortgage Banking Segment in order to reduce the Company's historical reliance on Mortgage Banking. This strategy is designed to build the strength of the Company over the long-term...My bottom line is this: Scott is a valuable voice on the Board and should retain his seat. Voting against Scott would not be just a protest vote - it could result in him coming off the Board, which would be a highly undesirable outcome for the Company and its shareholders, in my opinion."

  • 12

    Jun

HMST HomeStreet
$28.40

0.5 (1.79%)

01/24/18
KBWI
01/24/18
DOWNGRADE
Target $32
KBWI
Market Perform
HomeStreet downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Jacquelynne Bohlen downgraded HomeStreet to Market Perform and lowered her price target for the shares to $32 from $34. The analyst cites valuation as she believes the company's near-term transformation is already reflected in the shares.
01/24/18
DADA
01/24/18
NO CHANGE
Target $34
DADA
Neutral
HomeStreet price target raised to $34 from $30 at DA Davidson
DA Davidson analyst Jeff Rulis raised his price target on HomeStreet to $34 after in-line Q4 earnings and revenues, noting the bank's higher than expected operating expenses, 13% decrease in expected seasonal mortgage, and below-guidance net interest margins. Despite the softer metrics, Rulis says he is raising his price target on the lower anticipated tax rate, while also keeping his Neutral rating on HomeStreet.
04/25/18
DADA
04/25/18
NO CHANGE
Target $28
DADA
Neutral
HomeStreet price target lowered to $28 from $34 at DA Davidson
DA Davidson analyst Jeff Rulis lowered his price target on HomeStreet to $28 after the company's Q1 earnings miss, saying it is another "step back" for its mortgage lending business amid declining loan origination volume and compressed gain on sale margins. The analyst points to "strong" credit quality statistics but also notes net interest margins contracting for the 2nd straight quarter, keeping his Neutral rating on HomeStreet,

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