ELCO Management Co. LLC Purchases New Position in Mechanics Bancorp $MCHB

ELCO Management Co. LLC acquired a new position in shares of Mechanics Bancorp (NASDAQ:MCHB) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 32,825 shares of the company’s stock, valued at approximately $437,000.

A number of other large investors have also recently made changes to their positions in the company. Miracle Mile Advisors LLC purchased a new stake in Mechanics Bancorp in the 3rd quarter valued at $14,851,000. CCG Wealth Management LLC purchased a new position in shares of Mechanics Bancorp during the third quarter worth about $2,277,000. Acuitas Investments LLC purchased a new position in shares of Mechanics Bancorp during the third quarter worth about $1,401,000. Emerald Mutual Fund Advisers Trust acquired a new position in Mechanics Bancorp in the 3rd quarter valued at about $805,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new position in Mechanics Bancorp in the 3rd quarter valued at about $188,000. 74.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MCHB. Wall Street Zen cut Mechanics Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 30th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mechanics Bancorp in a report on Monday, December 29th. Finally, Keefe, Bruyette & Woods lifted their price objective on 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 research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Mechanics Bancorp currently has a consensus rating of “Hold” and a consensus price target of $14.50.

Mechanics Bancorp Stock Up 0.8%

MCHB opened at $15.41 on Thursday. The stock’s 50 day simple moving average is $14.74. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. Mechanics Bancorp has a 52-week low of $8.41 and a 52-week high of $15.97. The stock has a market capitalization of $3.41 billion, a P/E ratio of 48.16 and a beta of 1.57.

Mechanics Bancorp (NASDAQ:MCHB) last posted its earnings results on Friday, January 30th. The company reported $0.56 EPS for the quarter. Mechanics Bancorp had a net margin of 20.20% and a return on equity of 15.26%. The business had revenue of $259.99 million for the quarter.

Mechanics Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 8th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a $0.84 annualized dividend and a yield of 5.5%. Mechanics Bancorp’s dividend payout ratio is currently 262.50%.

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.