Simcoe Capital LLC Buys Shares of 342,279 Mechanics Bancorp $MCHB

Simcoe Capital LLC purchased a new stake in shares of Mechanics Bancorp (NASDAQ:MCHB) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 342,279 shares of the company’s stock, valued at approximately $5,008,000. Mechanics Bancorp comprises approximately 4.7% of Simcoe Capital LLC’s holdings, making the stock its biggest position. Simcoe Capital LLC owned approximately 0.15% of Mechanics Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Comerica Bank bought a new stake in shares of Mechanics Bancorp during the third quarter valued at approximately $34,000. AlphaQuest LLC bought a new stake in shares of Mechanics Bancorp during the third quarter worth $45,000. BNP Paribas Financial Markets bought a new position in Mechanics Bancorp in the third quarter valued at about $48,000. Nisa Investment Advisors LLC bought a new position in Mechanics Bancorp in the third quarter valued at about $57,000. Finally, Covestor Ltd acquired a new position in Mechanics Bancorp in the third quarter valued at about $60,000. 74.71% of the stock is currently owned by institutional investors and hedge funds.

Mechanics Bancorp Price Performance

Mechanics Bancorp stock opened at $14.49 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.81 and a current ratio of 0.80. Mechanics Bancorp has a 52 week low of $11.81 and a 52 week high of $16.03. The stock has a market capitalization of $3.21 billion, a P/E ratio of 19.32 and a beta of 1.42. The stock has a fifty day moving average of $14.82 and a 200-day moving average of $14.61.

Mechanics Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.0%. The ex-dividend date was Monday, March 9th. Mechanics Bancorp’s payout ratio is 213.33%.

Analyst Upgrades and Downgrades

MCHB has been the topic of several analyst reports. Cantor Fitzgerald assumed coverage on Mechanics Bancorp in a research note on Friday, April 10th. They issued an “overweight” rating and a $17.00 target price on the stock. Weiss Ratings downgraded Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Finally, Keefe, Bruyette & Woods decreased their price target on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.25.

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.