CenterBook Partners LP Increases Holdings in Mechanics Bancorp $MCHB

CenterBook Partners LP increased its holdings in shares of Mechanics Bancorp (NASDAQ:MCHB) by 688.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 850,570 shares of the company’s stock after purchasing an additional 742,641 shares during the period. CenterBook Partners LP owned 0.38% of Mechanics Bancorp worth $12,444,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank purchased a new stake in Mechanics Bancorp during the 3rd quarter worth $34,000. AlphaQuest LLC purchased a new stake in Mechanics Bancorp during the 3rd quarter worth $45,000. BNP Paribas Financial Markets purchased a new stake in Mechanics Bancorp during the 3rd quarter worth $48,000. Bank of America Corp DE purchased a new stake in Mechanics Bancorp during the 3rd quarter worth $98,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Mechanics Bancorp during the 3rd quarter worth $112,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

Mechanics Bancorp Stock Performance

NASDAQ:MCHB opened at $14.99 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50-day moving average of $14.84 and a two-hundred day moving average of $14.76. The stock has a market cap of $3.32 billion, a P/E ratio of 19.99 and a beta of 1.42. Mechanics Bancorp has a 1-year low of $12.05 and a 1-year high of $16.03.

Mechanics Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders 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 is a positive change from Mechanics Bancorp’s previous quarterly dividend of $0.40. This represents a $2.80 annualized dividend and a dividend yield of 18.7%. Mechanics Bancorp’s dividend payout ratio is 373.33%.

Analysts Set New Price Targets

MCHB has been the subject of a number of research reports. Keefe, Bruyette & Woods decreased 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 research report on Monday, May 4th. Stifel Nicolaus set a $17.00 price target on shares of Mechanics Bancorp in a research report on Thursday, May 28th. Zacks Research raised shares of Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Weiss Ratings raised shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Finally, Cantor Fitzgerald began coverage on shares of Mechanics Bancorp in a research report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective for the company. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.63.

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.