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Bargain Hunters Take Note: Insider Cluster-Buying At HMST

By Dividend Channel Staff, Tuesday, August 24, 5:07 PM ET
Play Video: The Importance of Insider Buying

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A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At HomeStreet Inc (NASDAQ:HMST), 3 different insiders purchased 20,117 shares at an average price of $38.08/share, for a total of $766,100, with the most recent purchase on August 3, 2021.

Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":

Purchased Insider Title Shares Price/Share Value
08/03/2021 John Michel EVP, Chief Financial Officer 8,000 $37.75 $302,000.00
08/03/2021 Douglas Irvine Smith Director 10,117 $38.46 $389,099.82
08/03/2021 Mark Robert Patterson Director 2,000 $37.50 $75,000.00

The chart below shows the one year performance of HMST shares, versus its 200 day moving average. Note that HMST's low point in its 52 week range is $24.20 per share, with $52.35 as the 52 week high point — that compares with a last trade of $40.39, with shares currently trading off about 0.8% on the day.

HomeStreet Inc Chart

The current annualized dividend paid by HomeStreet Inc is $1/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 08/09/2021. Below is a long-term dividend history chart for HMST, which can be of good help in judging whether the most recent dividend with approx. 2.5% annualized yield is likely to continue.

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