Mechanics Bancorp (NASDAQ:MCHB) Given Average Recommendation of “Moderate Buy” by Analysts

Mechanics Bancorp (NASDAQ:MCHB) has been given an average rating of “Moderate Buy” by the five ratings firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $17.1250.

A number of research analysts have issued reports on MCHB shares. Weiss Ratings upgraded shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Stifel Nicolaus set a $17.00 price target on shares of Mechanics Bancorp in a report on Thursday, May 28th. Raymond James Financial began coverage on Mechanics Bancorp in a report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price target for the company. Zacks Research raised shares of Mechanics Bancorp to a “hold” rating in a research note on Monday, June 1st. Finally, Keefe, Bruyette & Woods increased 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.

Mechanics Bancorp Stock Down 0.1%

MCHB opened at $15.82 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.05. The firm has a market cap of $3.50 billion, a P/E ratio of 12.86 and a beta of 1.39. Mechanics Bancorp has a 52 week low of $12.70 and a 52 week high of $17.38. The business’s fifty day simple moving average is $16.27 and its 200 day simple moving average is $15.35.

Mechanics Bancorp Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Saturday, August 29th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend was Friday, August 28th. Mechanics Bancorp’s dividend payout ratio is 81.30%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers purchased a new position in Mechanics Bancorp in the third quarter valued at about $355,000. JPMorgan Chase & Co. purchased a new stake in shares of Mechanics Bancorp in the third quarter worth about $118,000. Vanguard Group Inc. acquired a new stake in shares of Mechanics Bancorp in the third quarter valued at about $13,128,000. Victory Capital Management Inc. purchased a new stake in shares of Mechanics Bancorp during the 3rd quarter valued at about $322,000. Finally, Dimensional Fund Advisors LP purchased a new stake in shares of Mechanics Bancorp during the 3rd quarter valued at about $9,557,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

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.