Mechanics Bancorp (NASDAQ:MCHB) Hits New 12-Month High – Here’s Why

Mechanics Bancorp (NASDAQ:MCHB)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $16.03 and last traded at $14.28, with a volume of 18423 shares changing hands. The stock had previously closed at $14.50.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MCHB shares. Cantor Fitzgerald started coverage on shares of Mechanics Bancorp in a research report on Friday, April 10th. They set an “overweight” rating and a $17.00 price target on the stock. Weiss Ratings raised shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday, March 31st. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research report on Monday, May 4th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $16.25.

Mechanics Bancorp Stock Performance

The stock’s 50 day moving average is $14.82 and its two-hundred day moving average is $14.61. The firm has a market capitalization of $3.17 billion, a P/E ratio of 19.06 and a beta of 1.42. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.81 and a quick ratio of 0.81.

Mechanics Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were given a dividend of $0.40 per share. The ex-dividend date was Monday, March 9th. This represents a $1.60 annualized dividend and a dividend yield of 11.2%. Mechanics Bancorp’s payout ratio is presently 213.33%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Mechanics Bank Trust Department acquired a new stake in shares of Mechanics Bancorp during the fourth quarter worth $50,082,000. Mendon Capital Advisors Corp acquired a new position in Mechanics Bancorp in the third quarter valued at about $14,043,000. Maltese Capital Management LLC bought a new position in Mechanics Bancorp during the third quarter worth about $13,498,000. Vanguard Group Inc. bought a new position in Mechanics Bancorp during the third quarter worth about $13,128,000. Finally, GW&K Investment Management LLC acquired a new position in shares of Mechanics Bancorp during the 3rd quarter worth about $12,051,000. 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.