Mechanics Bancorp (NASDAQ:MCHB) Hits New 12-Month High – Should You Buy?

Mechanics Bancorp (NASDAQ:MCHB)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $16.57 and last traded at $16.5750, with a volume of 271948 shares traded. The stock had previously closed at $16.14.

Wall Street Analyst Weigh In

MCHB has been the topic of a number of recent research reports. Weiss Ratings raised shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 8th. Stifel Nicolaus set a $17.00 price target on shares of Mechanics Bancorp in a research note on Thursday, May 28th. Keefe, Bruyette & Woods lowered their price objective on shares of 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 shares of Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Finally, Cantor Fitzgerald initiated coverage on shares of Mechanics Bancorp in a research note on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.62.

Mechanics Bancorp Stock Down 2.2%

The company has a market capitalization of $3.60 billion, a PE ratio of 21.71 and a beta of 1.41. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. The firm has a 50 day simple moving average of $15.20 and a two-hundred day simple moving average of $15.00.

Mechanics Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were issued a dividend of $0.70 per share. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. This represents a $2.80 annualized dividend and a dividend yield of 17.2%. The ex-dividend date of this dividend was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio is 373.33%.

Hedge Funds Weigh In On Mechanics Bancorp

A number of large investors have recently bought and sold shares of the company. Mechanics Bank Trust Department acquired a new position in shares of Mechanics Bancorp during the fourth quarter worth about $50,082,000. Geode Capital Management LLC boosted its holdings in Mechanics Bancorp by 167.3% in the 4th quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company’s stock valued at $20,024,000 after purchasing an additional 856,476 shares in the last quarter. GW&K Investment Management LLC increased its position in Mechanics Bancorp by 36.2% during the 4th quarter. GW&K Investment Management LLC now owns 1,233,288 shares of the company’s stock worth $18,043,000 after purchasing an additional 327,908 shares during the period. Bank of New York Mellon Corp increased its position in Mechanics Bancorp by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company’s stock worth $16,201,000 after purchasing an additional 13,648 shares during the period. Finally, Mendon Capital Advisors Corp acquired a new position in Mechanics Bancorp during the 3rd quarter worth approximately $14,043,000. Hedge funds and other institutional investors own 74.71% of the company’s stock.

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.