Mechanics Bancorp (NASDAQ:MCHB) Hits New 1-Year High – Here’s What Happened

Mechanics Bancorp (NASDAQ:MCHB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $17.21 and last traded at $17.17, with a volume of 394573 shares traded. The stock had previously closed at $16.71.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Raymond James Financial started 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. Zacks Research raised Mechanics Bancorp to a “hold” rating in a report on Monday, June 1st. Stifel Nicolaus set a $17.00 price objective on Mechanics Bancorp in a research note on Thursday, May 28th. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods upped their target price on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a research report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $17.12.

Mechanics Bancorp Stock Up 2.8%

The stock has a market cap of $3.80 billion, a P/E ratio of 13.96 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’s fifty day moving average is $15.79 and its 200 day moving average is $15.20.

Mechanics Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were given a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.80 annualized dividend and a dividend yield of 16.3%. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. Mechanics Bancorp’s payout ratio is presently 227.64%.

Institutional Trading of Mechanics Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mendon Capital Advisors Corp acquired a new position in shares of Mechanics Bancorp during the third quarter worth approximately $14,043,000. Vanguard Group Inc. acquired a new stake in shares of Mechanics Bancorp in the third quarter worth $13,128,000. Geode Capital Management LLC increased its position in Mechanics Bancorp by 167.3% during the fourth quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company’s stock worth $20,024,000 after acquiring an additional 856,476 shares during the period. CenterBook Partners LP raised its stake in Mechanics Bancorp by 688.1% during the 4th quarter. CenterBook Partners LP now owns 850,570 shares of the company’s stock valued at $12,444,000 after purchasing an additional 742,641 shares during the last quarter. Finally, Dimensional Fund Advisors LP acquired a new position in Mechanics Bancorp during the 3rd quarter valued at $9,557,000. Institutional investors and hedge funds 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.