Mechanics Bancorp (NASDAQ:MCHB) Receives Average Recommendation of “Hold” from Brokerages

Shares of Mechanics Bancorp (NASDAQ:MCHB) have been assigned an average recommendation of “Hold” from the five ratings firms that are presently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $16.25.

Several analysts recently issued reports on the stock. Weiss Ratings cut shares of Mechanics Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, May 22nd. Raymond James Financial assumed coverage on shares of Mechanics Bancorp in a report on Thursday. They issued an “outperform” rating on the stock. Keefe, Bruyette & Woods cut their price target on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a report on Monday, May 4th. Finally, Cantor Fitzgerald assumed coverage on shares of Mechanics Bancorp in a report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price target on the stock.

Mechanics Bancorp Stock Up 0.6%

MCHB traded up $0.09 during trading on Thursday, hitting $14.51. The company had a trading volume of 407,670 shares, compared to its average volume of 428,860. The company has a market cap of $3.21 billion, a PE ratio of 19.35 and a beta of 1.42. The business has a 50-day moving average of $14.81 and a 200-day moving average of $14.69. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80. Mechanics Bancorp has a 1-year low of $12.05 and a 1-year high of $16.03.

Mechanics Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 28th. Shareholders of record on Saturday, May 23rd will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 19.3%. This is a positive change from Mechanics Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio is currently 373.33%.

Institutional Trading of Mechanics Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $1,662,000. California State Teachers Retirement System acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $39,000. Royal Bank of Canada acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $76,000. The Manufacturers Life Insurance Company raised its holdings in shares of Mechanics Bancorp by 48.3% during the first quarter. The Manufacturers Life Insurance Company now owns 26,088 shares of the company’s stock worth $385,000 after purchasing an additional 8,494 shares during the period. Finally, Quantinno Capital Management LP acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $813,000. 74.71% of the stock is owned by institutional investors and hedge funds.

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.