Mechanics Bancorp (NASDAQ:MCHB) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Mechanics Bancorp (NASDAQ:MCHB) have received an average recommendation of “Moderate Buy” from the five brokerages that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $16.6250.

A number of research firms have issued reports on MCHB. Zacks Research upgraded Mechanics Bancorp to a “hold” rating in a report on Monday, June 1st. Cantor Fitzgerald began coverage on Mechanics Bancorp in a report on Friday, April 10th. They set an “overweight” rating and a $17.00 target price for the company. Keefe, Bruyette & Woods lowered their target price on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a report on Monday, May 4th. Weiss Ratings upgraded shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, June 4th. Finally, Raymond James Financial began coverage on shares of Mechanics Bancorp in a research note on Thursday, May 28th. They set an “outperform” rating and a $17.00 price objective for the company.

Hedge Funds Weigh In On Mechanics Bancorp

A number of large investors have recently modified their holdings of MCHB. Rhumbline Advisers acquired a new position in shares of Mechanics Bancorp during the 3rd quarter worth about $355,000. JPMorgan Chase & Co. acquired a new position in shares of Mechanics Bancorp during the 3rd quarter worth about $118,000. Vanguard Group Inc. acquired a new position in shares of Mechanics Bancorp during the 3rd quarter worth about $13,128,000. Siena Capital Partners GP LLC acquired a new position in shares of Mechanics Bancorp during the 3rd quarter worth about $4,705,000. Finally, Victory Capital Management Inc. acquired a new position in shares of Mechanics Bancorp during the 3rd quarter worth about $322,000. 74.71% of the stock is currently owned by institutional investors and hedge funds.

Mechanics Bancorp Price Performance

MCHB stock opened at $15.98 on Monday. The stock has a 50-day moving average price of $14.93 and a two-hundred day moving average price of $14.83. The stock has a market cap of $3.54 billion, a PE ratio of 21.31 and a beta of 1.42. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. Mechanics Bancorp has a 1 year low of $12.34 and a 1 year high of $16.03.

Mechanics Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd were paid a dividend of $0.70 per share. The ex-dividend date was Friday, May 22nd. This represents a $2.80 dividend on an annualized basis and a dividend yield of 17.5%. This is a positive change from Mechanics Bancorp’s previous quarterly dividend of $0.40. Mechanics Bancorp’s dividend payout ratio (DPR) is currently 373.33%.

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.