Mechanics Bancorp (NASDAQ:MCHB) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Mechanics Bancorp (NASDAQ:MCHB) to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a research note on Thursday, May 28th. Weiss Ratings cut Mechanics Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, May 22nd. Raymond James Financial initiated coverage on Mechanics Bancorp in a research note on Thursday, May 28th. They set an “outperform” rating and a $17.00 target price for the company. Keefe, Bruyette & Woods decreased their target price on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a research note on Monday, May 4th. Finally, Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a research report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price target for the company. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Mechanics Bancorp presently has a consensus rating of “Hold” and an average target price of $16.63.

Mechanics Bancorp Trading Up 2.3%

Shares of MCHB stock opened at $14.73 on Monday. The stock has a 50-day simple moving average of $14.82 and a 200 day simple moving average of $14.72. Mechanics Bancorp has a fifty-two week low of $12.05 and a fifty-two week high of $16.03. The stock has a market capitalization of $3.26 billion, a P/E ratio of 19.64 and a beta of 1.42. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05.

Mechanics Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.80 annualized dividend and a yield of 19.0%. This is an increase from Mechanics Bancorp’s previous quarterly dividend of $0.40. Mechanics Bancorp’s dividend payout ratio (DPR) is currently 373.33%.

Institutional Investors Weigh In On Mechanics Bancorp

Several hedge funds have recently bought and sold shares of MCHB. Vanguard Personalized Indexing Management LLC purchased a new stake in Mechanics Bancorp in the 3rd quarter worth about $188,000. AlphaQuest LLC purchased a new stake in Mechanics Bancorp in the 3rd quarter worth about $45,000. ELCO Management Co. LLC purchased a new stake in Mechanics Bancorp in the 3rd quarter worth about $437,000. Rhumbline Advisers purchased a new stake in Mechanics Bancorp in the 3rd quarter worth about $355,000. Finally, JPMorgan Chase & Co. purchased a new stake in Mechanics Bancorp in the 3rd quarter worth about $118,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

Mechanics Bancorp Company Profile

HomeStreet, Inc operates as the bank holding company for HomeStreet Bank that provides commercial, mortgage, and consumer/retail banking services primarily in the Western United States. The company offers personal and business checking, savings accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit; credit cards; insurance; and treasury management products and services. Its loan products include commercial business and agriculture loans, single family residential mortgages, consumer loans, commercial loans secured by residential and commercial real estate, and construction loans for residential and commercial real estate development, as well as consumer installment loans and permanent loans on commercial real estate and single-family residences.