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

Shares of Mechanics Bancorp (NASDAQ:MCHB) have been assigned a consensus rating of “Moderate Buy” from the five analysts that are currently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $16.6250.

Several research firms have recently issued reports on MCHB. Weiss Ratings upgraded shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, July 8th. Stifel Nicolaus set a $17.00 price target on shares of Mechanics Bancorp in a research report on Thursday, May 28th. Zacks Research upgraded shares of Mechanics Bancorp to a “hold” rating in a report on Monday, June 1st. Raymond James Financial began coverage on shares of Mechanics Bancorp in a research report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price objective for the company. Finally, Cantor Fitzgerald started coverage on shares of Mechanics Bancorp in a research note on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective for the company.

Mechanics Bancorp Price Performance

Shares of NASDAQ:MCHB opened at $16.05 on Friday. 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 stock’s fifty day simple moving average is $15.27 and its two-hundred day simple moving average is $15.03. Mechanics Bancorp has a 1-year low of $12.46 and a 1-year high of $16.68. The stock has a market cap of $3.55 billion, a PE ratio of 21.40 and a beta of 1.41.

Mechanics Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd were issued a $0.70 dividend. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. This represents a $2.80 annualized dividend and a dividend yield of 17.4%. The ex-dividend date of this dividend was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio is currently 373.33%.

Institutional Trading of Mechanics Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of MCHB. Comerica Bank purchased a new position in Mechanics Bancorp in the third quarter worth $34,000. California State Teachers Retirement System bought a new position in Mechanics Bancorp in the 1st quarter valued at $39,000. Fifth Third Bancorp purchased a new stake in shares of Mechanics Bancorp during the 1st quarter valued at $39,000. Assetmark Inc. purchased a new stake in shares of Mechanics Bancorp during the 1st quarter valued at $51,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Mechanics Bancorp during the 3rd quarter valued at $48,000. 74.71% of the stock is owned by hedge funds and other 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.