SEATTLE—Joanne R. Harrell, a director at HomeStreet, Inc. (NASDAQ:HMST), recently acquired shares of the company's common stock totaling approximately $46,000. The transactions, disclosed in a recent SEC filing, took place on November 26 and 27, 2024.
Harrell purchased 2,145.945 shares on November 26 at a weighted average price of $11.6499, with prices ranging from $11.60 to $11.6499. The following day, she acquired an additional 1,818.261 shares at a weighted average price of $11.5495, with transaction prices ranging from $11.52 to $11.5495. These acquisitions increased her direct ownership to 18,870.842 shares in the Seattle-based state commercial bank.
The transactions reflect Harrell's continued investment in HomeStreet, a company engaged in providing commercial banking services.
In other recent news, HomeStreet, a Washington-based commercial bank, has called off its merger agreement with FirstSun Capital Bancorp (NASDAQ:CBNK) and Dynamis Subsidiary, Inc. The termination of the agreement, which was initially announced on January 16, 2024, was mutually agreed upon by all parties involved. The specifics of the mutual termination agreement were documented in an 8-K filing with the Securities and Exchange Commission.
The initial merger announcement earlier this year had signaled a strategic consolidation within the banking sector. HomeStreet's decision to terminate the agreement with FirstSun Capital Bancorp, a holding company operating through its subsidiary banks, represents a notable departure from the planned trajectory disclosed earlier in 2024.
The financial terms or potential penalties associated with the termination of the merger agreement were not disclosed in the 8-K filing. The report, signed by John M. Michel, Executive Vice President and Chief Financial Officer of HomeStreet, confirms the official cessation of the merger plans. These recent developments leave investors and stakeholders in both HomeStreet and FirstSun to consider the implications of this change in strategy.
InvestingPro Insights
Joanne R. Harrell's recent acquisition of HomeStreet, Inc. (NASDAQ:HMST) shares comes at an interesting time for the company. According to InvestingPro data, HomeStreet's stock is currently trading at a low Price / Book multiple of 0.4, which could be seen as an attractive valuation for investors like Harrell who may believe in the company's long-term potential despite current challenges.
However, it's worth noting that HomeStreet faces some headwinds. An InvestingPro Tip indicates that the company is quickly burning through cash, which could be a concern for its financial stability. Additionally, analysts anticipate a sales decline in the current year, with revenue growth showing a negative 24.63% in the last twelve months as of Q3 2024.
On a positive note, HomeStreet's stock has shown a remarkable 1-year price total return of 86.04%, suggesting that investors who bought in a year ago have seen significant gains. This performance aligns with another InvestingPro Tip highlighting the stock's high return over the last year.
For investors considering following Harrell's lead, it's important to be aware that HomeStreet's stock generally trades with high price volatility. This volatility, combined with the company's current challenges, underscores the importance of thorough research before making investment decisions.
InvestingPro offers 11 additional tips for HomeStreet, providing a more comprehensive analysis for those interested in delving deeper into the company's prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.