Mechanics Bancorp (NASDAQ:MCHB) Announces Earnings Results

Mechanics Bancorp (NASDAQ:MCHB) released its quarterly earnings results on Friday. The company reported $0.56 earnings per share (EPS) for the quarter, Zacks reports. Mechanics Bancorp had a negative net margin of 14.49% and a positive return on equity of 4.74%.

Mechanics Bancorp Trading Down 0.7%

MCHB stock traded down $0.10 during mid-day trading on Friday, hitting $15.07. The stock had a trading volume of 247,796 shares, compared to its average volume of 387,141. The stock has a market cap of $3.33 billion, a PE ratio of -2.23 and a beta of 1.55. The business’s fifty day moving average price is $14.67. Mechanics Bancorp has a 1-year low of $8.41 and a 1-year high of $15.91. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07.

Mechanics Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 8th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Monday, December 8th. This represents a $0.84 dividend on an annualized basis and a yield of 5.6%. Mechanics Bancorp’s dividend payout ratio (DPR) is presently -12.43%.

Analysts Set New Price Targets

MCHB has been the subject of several research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Mechanics Bancorp in a research note on Monday, December 29th. Wall Street Zen lowered shares of Mechanics Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 30th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Mechanics Bancorp from $14.00 to $14.50 and gave the stock a “market perform” rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.50.

Hedge Funds Weigh In On Mechanics Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mendon Capital Advisors Corp acquired a new stake in shares of Mechanics Bancorp in the third quarter valued at about $14,043,000. Vanguard Group Inc. acquired a new stake in Mechanics Bancorp during the third quarter valued at approximately $13,128,000. Dimensional Fund Advisors LP bought a new stake in shares of Mechanics Bancorp in the 3rd quarter worth about $9,557,000. Ameriprise Financial Inc. acquired a new stake in shares of Mechanics Bancorp during the third quarter worth approximately $9,528,000. Finally, Millennium Management LLC acquired a new stake in shares of Mechanics Bancorp in the third quarter valued at $5,958,000. Institutional investors and hedge funds own 74.71% of the company’s stock.

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.