Mechanics Bancorp (NASDAQ:MCHB) Sets New 52-Week High – Should You Buy?

Shares of Mechanics Bancorp (NASDAQ:MCHB) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $16.03 and last traded at $14.28, with a volume of 18423 shares. The stock had previously closed at $14.50.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MCHB shares. Keefe, Bruyette & Woods reduced their price target on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a report on Monday, May 4th. Weiss Ratings upgraded shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, March 31st. Finally, Cantor Fitzgerald assumed coverage on shares of Mechanics Bancorp in a research note on Friday, April 10th. They issued an “overweight” rating and a $17.00 target price for the company. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.25.

Mechanics Bancorp Stock Performance

The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $3.17 billion, a price-to-earnings ratio of 19.06 and a beta of 1.42. The stock has a fifty day moving average price of $14.82 and a 200-day moving average price of $14.61.

Mechanics Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 11.2%. The ex-dividend date was Monday, March 9th. Mechanics Bancorp’s dividend payout ratio is currently 213.33%.

Institutional Trading of Mechanics Bancorp

Several large investors have recently added to or reduced their stakes in the company. Assetmark Inc. bought a new position in shares of Mechanics Bancorp in the first quarter valued at approximately $51,000. Bank of New York Mellon Corp increased its holdings 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 valued at $16,201,000 after purchasing an additional 13,648 shares in the last quarter. Fifth Third Bancorp bought a new position in Mechanics Bancorp in the 1st quarter valued at $39,000. SG Americas Securities LLC raised its position in Mechanics Bancorp by 48.3% in the 1st quarter. SG Americas Securities LLC now owns 18,729 shares of the company’s stock valued at $276,000 after purchasing an additional 6,100 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in Mechanics Bancorp in the fourth quarter worth $257,000. 74.71% of the stock is owned by institutional investors.

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.