Mechanics Bancorp (NASDAQ:MCHB) Receives $16.62 Average Target Price from Analysts

Shares of Mechanics Bancorp (NASDAQ:MCHB) have earned a consensus recommendation of “Moderate Buy” from the five research firms that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $16.6250.

Several research firms have recently issued reports on MCHB. Keefe, Bruyette & Woods reduced their price target on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research report on Monday, May 4th. Zacks Research raised Mechanics Bancorp to a “hold” rating in a research note on Monday, June 1st. Raymond James Financial began coverage on Mechanics Bancorp in a report on Thursday, May 28th. They set an “outperform” rating and a $17.00 target price on the stock. Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a research report on Thursday, May 28th. Finally, Weiss Ratings upgraded Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 8th.

Mechanics Bancorp Price Performance

Shares of MCHB stock opened at $15.94 on Friday. The firm’s 50 day moving average price is $15.33 and its two-hundred day moving average price is $15.04. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80. Mechanics Bancorp has a 52-week low of $12.46 and a 52-week high of $16.68. The stock has a market cap of $3.53 billion, a PE ratio of 21.25 and a beta of 1.41.

Mechanics Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Saturday, May 23rd were issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 17.6%. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio (DPR) is 373.33%.

Institutional Trading of Mechanics Bancorp

A number of large investors have recently made changes to their positions in MCHB. Comerica Bank bought a new position in Mechanics Bancorp during the third quarter worth about $34,000. California State Teachers Retirement System acquired a new stake in Mechanics Bancorp during the 1st quarter worth approximately $39,000. Fifth Third Bancorp acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $39,000. Assetmark Inc. acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $51,000. Finally, BNP Paribas Financial Markets bought a new stake in Mechanics Bancorp in the 3rd quarter valued at $48,000. Institutional investors own 74.71% of the company’s stock.

About Mechanics Bancorp

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.