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Stock Market & Financial Investment News

News Breaks
July 1, 2014
08:15 EDTSTI, HMSTHomeStreet closes deal to sell mortgage servicing rights to SunTrust
HomeStreet (HMST), the parent company of HomeStreet Bank, announced that the Bank has executed and closed a definitive agreement selling a portion of its single family mortgage servicing rights portfolio to SunTrust Mortgage (STI). The transaction closed on June 30, and provides for the sale of the rights to service approximately $3B in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae, which represents about 25% of HomeStreet’s total single family mortgage loans serviced for others portfolio as of March 31. The sale is expected to result in an increase of approximately $5.4M in mortgage servicing income for the quarter ending June 30, HomeStreet said. The physical transfer of servicing from the Bank to SunTrust is scheduled for October 1, and is subject to customary conditions. HomeStreet will continue to service the loans between the closing date and the final transfer date. “The sale of this portfolio of mortgage servicing rights is part of our ongoing balance sheet and capital management as well as in preparation for the January 1, 2015 effective date of the new Basel III-based regulatory capital standards,” said HomeStreet CEO Mark Mason.
News For HMST;STI From The Last 14 Days
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July 28, 2015
11:54 EDTSTISunTrust management to meet with Evercore ISI
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07:16 EDTHMSTKeefe Bruyette to hold a conference
16th Annual Community Bank Investor Conference is being held in New York on July 28-29 with webcasted company presentations to begin on July 28 at 8 am; not all company presentations may be webcasted. Webcast Link
July 27, 2015
08:37 EDTHMSTHomeStreet added to Top Picks list at FBR Capital
FBR Capital added HomeStreet (HMST) to its Top Picks list and raised its price target for shares to $32 from $25. FBR removed New Residential Investment (NRZ) from the list. The firm expects HomeStreet's earnings diversification to bring a higher valuation multiple and keeps an Outperform rating on the name.
July 24, 2015
17:02 EDTHMSTHomeStreet reports Q2 core EPS 65c, consensus 64c
July 20, 2015
10:00 EDTSTIOn The Fly: Analyst Downgrade Summary
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06:26 EDTSTISunTrust downgraded to Market Perform from Outperform at BMO Capital
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July 17, 2015
06:03 EDTSTISunTrust reports Q2 EPS 89c, consensus 81c
Reports Q2 revenue $2.2B, consensus $2.02B. Q2 was favorably impacted by a 3c per share discrete income tax benefit. Reports Q2 book value per share $42.46. Reports Q2 Tier 1 capital ratio 10.5%. Reports Q2 net charge-offs 0.26%.
July 16, 2015
15:02 EDTSTINotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include General Electric (GE), consensus 28c... Honeywell (HON), consensus $1.49... Synchrony Financial (SYF), consensus 62c... SunTrust Banks (STI), consensus 81c... Progressive (PGR), consensus 55c... W.W. Grainger (GWW), consensus $3.05... Kansas City Southern (KSU), consensus $1.02... JB Hunt Transport (JBHT), consensus 90c... Autoliv (ALV), consensus $1.55... Comerica (CMA), consensus 75c... First Horizon (FHN), consensus 20c.

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