Mechanics Bancorp $MCHB Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its stake in shares of Mechanics Bancorp (NASDAQ:MCHB) by 29.3% in the first quarter, Holdings Channel.com reports. The institutional investor owned 213,474 shares of the company’s stock after selling 88,626 shares during the period. Renaissance Technologies LLC’s holdings in Mechanics Bancorp were worth $3,149,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in MCHB. Comerica Bank acquired a new stake in shares of Mechanics Bancorp in the 3rd quarter worth about $34,000. Fifth Third Bancorp bought a new position in Mechanics Bancorp in the 1st quarter worth about $39,000. BNP Paribas Financial Markets acquired a new stake in shares of Mechanics Bancorp in the third quarter valued at approximately $48,000. Assetmark Inc. bought a new stake in shares of Mechanics Bancorp during the first quarter valued at approximately $51,000. Finally, Bank of America Corp DE bought a new stake in shares of Mechanics Bancorp during the third quarter valued at approximately $98,000. 74.71% of the stock is owned by institutional investors and hedge funds.

Mechanics Bancorp Stock Performance

Mechanics Bancorp stock opened at $16.64 on Friday. The firm’s 50 day simple moving average is $15.75 and its 200-day simple moving average is $15.18. The company has a market cap of $3.68 billion, a P/E ratio of 13.53 and a beta of 1.41. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80. Mechanics Bancorp has a fifty-two week low of $12.50 and a fifty-two week high of $17.19.

Mechanics Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were issued a $0.70 dividend. This is an increase from Mechanics Bancorp’s previous quarterly dividend of $0.40. This represents a $2.80 dividend on an annualized basis and a yield of 16.8%. The ex-dividend date was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio is currently 227.64%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MCHB. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, July 23rd. Stifel Nicolaus set a $17.00 price objective on shares of Mechanics Bancorp in a research note on Thursday, May 28th. Raymond James Financial began coverage on shares of Mechanics Bancorp in a report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price objective 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 boosted their price target on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Mechanics Bancorp presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.12.

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.