Roaring Blue Lion Capital Management LP slightly lowered its stake in Seattle-based HomeStreet Inc. to 5.44%, or an aggregate 1,463,809 shares, according to a Dec. 27 filing.

A Dec. 1 filing showed that Roaring Blue Lion and managing member Charles Griege Jr. held an aggregate 1,487,820 shares of HomeStreet, or a 5.53% stake.

The filing also disclosed that Griege met with HomeStreet's board on Dec. 21 and delivered a presentation reiterating his stance against the company's expansion. He called for operational changes to improve HomeStreet's profitability and valuation such as reducing expenses, reallocating capital from the mortgage segment to the commercial bank, realigning executive compensation, and returning excess capital to shareholders through buybacks and dividends. He also told the board that dilutive M&A is not a sound strategy.