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HomeStreet, Inc. (NASDAQ:HMST) CEO and President Mark K. Mason has recently sold a portion of his holdings in the company. On December 9, 2022, Mason sold 1,075 shares of HomeStreet common stock at a price of $28.38 per share, totaling approximately $30,508.
This transaction has adjusted Mason's direct ownership in HomeStreet, leaving him with 185,071 shares following the sale. It is important to note that the shares sold were indirectly owned through Mason's spouse, Courtney Mason. According to the SEC filing, Mason disclaims beneficial ownership of these shares, except to any pecuniary interest he may retain.
Investors often monitor insider transactions as they can provide insights into an executive's confidence in the company's future performance. However, it should be noted that such sales can be motivated by a variety of factors and do not necessarily indicate a negative outlook.
The sale was executed at a single price point, and the filing was signed by Godfrey B. Evans, Attorney-in-Fact for Mark K. Mason, on September 4, 2024. HomeStreet, based in Seattle, Washington, operates as a state commercial bank and is incorporated in the state of Washington.
In other recent news, HomeStreet Inc . and FirstSun Capital Bancorp (NASDAQ:CBNK) have adjusted their merger terms, a response to the impact of rising interest rates on HomeStreet's financial performance. The revision signifies an 11% decrease from the initially agreed consideration, reducing the benefit for HomeStreet shareholders by $30.5 million. Shareholder Blue Lion Capital has publicly criticized HomeStreet's board for the potential Change in Control payments to its executives, urging for their elimination from the merger conditions. HomeStreet shareholders have expressed similar sentiments, opposing these payments in a non-binding vote.
In parallel to these developments, HomeStreet shareholders have approved the merger with FirstSun Capital Bancorp, marking a significant step towards finalizing the deal. However, the merger still requires regulatory approval. Analyst firm Keefe, Bruyette & Woods has revised its earnings per share estimates for HomeStreet, projecting a loss per share in 2024 and a profit per share in 2025. This adjustment follows HomeStreet's Q1 2024 earnings, which fell short of expectations due to net interest margin compression, increased seasonal expenses, and a decrease in fee revenue. These recent developments reflect the ongoing evolution of HomeStreet's financial landscape.
InvestingPro Insights
HomeStreet, Inc. (NASDAQ:HMST) has seen significant activity in its stock performance and financial metrics, according to recent data from InvestingPro. As CEO Mark K. Mason sold a portion of his holdings in the company, investors might be interested in how the company's financial health and market performance align with such insider transactions.
InvestingPro Tips reveal that analysts have recently revised their earnings estimates downwards for HomeStreet, indicating potential concerns about the company's upcoming financial results. Additionally, there is an anticipation of a sales decline in the current year, which could be a factor in the decision-making process of insiders like Mason. Despite these challenges, HomeStreet has shown a strong return over the last three months, with a 77.38% price total return in that period, suggesting a short-term positive trend in the stock market.
From an investment standpoint, HomeStreet's market capitalization currently stands at $292.29M, reflecting the company's size and market value. The P/E ratio, a measure of a company's current share price relative to its per-share earnings, is negative at -19.65, indicating that the company is not currently profitable. Moreover, the negative trend continues with an adjusted P/E ratio for the last twelve months as of Q2 2024 at -21.42. The company's revenue has also experienced a significant decline of -28.09% over the last twelve months as of Q2 2024.
For investors seeking more detailed analysis and additional InvestingPro Tips, there are 8 tips in total listed on InvestingPro for HomeStreet, which can be accessed at https://www.investing.com/pro/HMST. These tips provide deeper insights into the company's financial health and market performance, which could be invaluable for making informed investment decisions.
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