Mechanics Bancorp (NASDAQ:MCHB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Mechanics Bancorp (NASDAQ:MCHB) have received an average recommendation of “Moderate Buy” from the five analysts that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $16.6250.

Several brokerages have issued reports on MCHB. Raymond James Financial assumed coverage on shares of Mechanics Bancorp in a report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 target price for the company. Weiss Ratings raised shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods decreased their price objective on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a report on Monday, May 4th. Zacks Research raised Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Finally, Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a research note on Friday, April 10th. They set an “overweight” rating and a $17.00 target price on the stock.

Hedge Funds Weigh In On Mechanics Bancorp

Hedge funds have recently bought and sold shares of the business. Comerica Bank bought a new position in Mechanics Bancorp during the 3rd quarter valued at about $34,000. Fifth Third Bancorp purchased a new position in shares of Mechanics Bancorp during the first quarter valued at approximately $39,000. California State Teachers Retirement System purchased a new position in shares of Mechanics Bancorp during the first quarter valued at approximately $39,000. BNP Paribas Financial Markets bought a new position in Mechanics Bancorp during the third quarter valued at approximately $48,000. Finally, Assetmark Inc. purchased a new stake in Mechanics Bancorp in the first quarter worth approximately $51,000. Hedge funds and other institutional investors own 74.71% of the company’s stock.

Mechanics Bancorp Stock Performance

Shares of Mechanics Bancorp stock opened at $16.64 on Friday. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 22.19 and a beta of 1.41. The firm’s 50-day moving average is $15.18 and its 200 day moving average is $14.99. Mechanics Bancorp has a 1 year low of $12.46 and a 1 year high of $16.68. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80.

Mechanics Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 16.8%. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, May 22nd. Mechanics Bancorp’s payout ratio is 373.33%.

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.