253,348 Shares in Mechanics Bancorp $MCHB Bought by Pinnacle Holdings LLC

Pinnacle Holdings LLC purchased a new stake in Mechanics Bancorp (NASDAQ:MCHB) in the 2nd quarter, HoldingsChannel reports. The fund purchased 253,348 shares of the company’s stock, valued at approximately $4,028,000. Mechanics Bancorp accounts for 1.2% of Pinnacle Holdings LLC’s portfolio, making the stock its 18th biggest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Sculptor Capital LP acquired a new position in Mechanics Bancorp during the first quarter worth $7,563,000. Mendon Capital Advisors Corp acquired a new position in shares of Mechanics Bancorp during the first quarter valued at about $5,127,000. Waverly Advisors LLC bought a new stake in shares of Mechanics Bancorp during the first quarter worth about $1,302,000. Precision Wealth Strategies LLC bought a new stake in shares of Mechanics Bancorp during the fourth quarter worth about $659,000. Finally, UBS Group AG increased its position in shares of Mechanics Bancorp by 223.6% during the fourth quarter. UBS Group AG now owns 186,869 shares of the company’s stock worth $2,734,000 after acquiring an additional 129,118 shares in the last quarter. Institutional investors own 74.71% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MCHB. Keefe, Bruyette & Woods raised their price target on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Raymond James Financial began coverage on Mechanics Bancorp in a research report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price target for the company. Zacks Research upgraded Mechanics Bancorp to a “hold” rating in a research note on Monday, June 1st. Finally, Stifel Nicolaus set a $17.00 price objective on shares of Mechanics Bancorp in a report on Thursday, May 28th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.12.

Mechanics Bancorp Stock Performance

NASDAQ MCHB opened at $16.20 on Monday. The business’s fifty day moving average is $16.13 and its 200-day moving average is $15.31. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 13.17 and a beta of 1.41. Mechanics Bancorp has a one year low of $12.52 and a one year high of $17.38.

Mechanics Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Saturday, August 29th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Friday, August 28th. Mechanics Bancorp’s dividend payout ratio (DPR) is currently 227.64%.

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.