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Michel John, the Executive Vice President and Chief Financial Officer of HomeStreet, Inc. (NASDAQ:HMST), recently sold 8,000 shares of the company's common stock. The shares were sold at a price of $11.26 each, amounting to a total transaction value of $90,080. Following this sale, John holds 28,409 shares indirectly through the J. Michel and R. Michel TTEE, The Michel Family Trust. Additionally, he maintains direct ownership of 50,000 shares, as noted in the filing. The transaction was reported on November 21, 2024, and filed with the Securities and Exchange Commission on November 25, 2024.
In other recent news, HomeStreet, Inc., a commercial bank based in Washington, has called off its merger agreement with FirstSun Capital Bancorp (NASDAQ:CBNK) and Dynamis Subsidiary, Inc. This termination of the merger, initially announced on January 16, 2024, was mutually agreed upon by all parties involved. The dissolution of the merger agreement was documented in a mutual termination agreement, as outlined in an 8-K filing with the Securities and Exchange Commission. The reasons for this termination were not disclosed in the 8-K filing, nor were the financial terms or potential penalties associated with the termination of the merger agreement. This development marks a significant shift from the planned trajectory disclosed earlier in 2024. Investors and stakeholders in both HomeStreet and FirstSun now face the task of considering the implications of this change in strategy. The current report on Form 8-K provides the factual details of the event, as required by regulations.
InvestingPro Insights
The recent sale of shares by HomeStreet's CFO Michel John comes at a time when the company is facing several financial challenges, as highlighted by InvestingPro data and tips.
According to InvestingPro, HomeStreet's market capitalization stands at $227.8 million, with a negative P/E ratio of -9.75 over the last twelve months as of Q3 2024. This negative P/E ratio aligns with an InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year.
The company's revenue has seen a significant decline, with a 24.63% decrease over the last twelve months as of Q3 2024. This trend is further supported by an InvestingPro Tip suggesting that analysts anticipate sales decline in the current year.
Despite these challenges, HomeStreet's stock has shown a remarkable 88.57% price total return over the past year. However, it's worth noting that the stock has experienced high volatility and has fallen significantly over the last three months, with a -25.51% price total return.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for HomeStreet, providing a deeper understanding of the company's financial position and market performance.
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