Emerald Mutual Fund Advisers Trust Buys New Position in Mechanics Bancorp $MCHB

Emerald Mutual Fund Advisers Trust bought a new stake in Mechanics Bancorp (NASDAQ:MCHB) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 60,462 shares of the company’s stock, valued at approximately $805,000.

A number of other hedge funds and other institutional investors have also modified their holdings of MCHB. Miracle Mile Advisors LLC acquired a new position in shares of Mechanics Bancorp in the third quarter valued at approximately $14,851,000. Covestor Ltd acquired a new stake in Mechanics Bancorp during the third quarter worth approximately $60,000. Finally, Nisa Investment Advisors LLC purchased a new stake in Mechanics Bancorp in the 3rd quarter worth approximately $57,000. 74.71% of the stock is currently owned by hedge funds and other institutional investors.

Mechanics Bancorp Stock Down 2.5%

MCHB stock opened at $14.70 on Friday. The firm has a market cap of $3.25 billion, a P/E ratio of -2.17 and a beta of 1.55. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average price is $14.54. Mechanics Bancorp has a 52 week low of $8.41 and a 52 week high of $15.90.

Mechanics Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 8th were paid a dividend of $0.21 per share. The ex-dividend date was Monday, December 8th. This represents a $0.84 annualized dividend and a yield of 5.7%. Mechanics Bancorp’s dividend payout ratio is currently -12.43%.

Analyst Upgrades and Downgrades

MCHB has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Mechanics Bancorp in a research note on Monday, December 29th. Wall Street Zen lowered Mechanics Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 30th. Finally, Keefe, Bruyette & Woods increased their target price 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 analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.50.

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.