Mechanics Bancorp $MCHB is Mechanics Bank Trust Department’s 4th Largest Position

Mechanics Bank Trust Department decreased its position in shares of Mechanics Bancorp (NASDAQ:MCHB) by 2.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,242,540 shares of the company’s stock after selling 59,421 shares during the period. Mechanics Bancorp accounts for about 4.4% of Mechanics Bank Trust Department’s investment portfolio, making the stock its 4th largest position. Mechanics Bank Trust Department owned about 1.01% of Mechanics Bancorp worth $35,656,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Comerica Bank bought a new position in shares of Mechanics Bancorp in the third quarter worth approximately $34,000. Fifth Third Bancorp bought a new stake in shares of Mechanics Bancorp during the 1st quarter valued at $39,000. California State Teachers Retirement System bought a new stake in shares of Mechanics Bancorp during the 1st quarter valued at $39,000. BNP Paribas Financial Markets purchased a new position in shares of Mechanics Bancorp during the 3rd quarter valued at $48,000. Finally, Assetmark Inc. purchased a new position in shares of Mechanics Bancorp during the 1st quarter valued at $51,000. Hedge funds and other institutional investors own 74.71% of the company’s stock.

Mechanics Bancorp Stock Performance

NASDAQ MCHB opened at $16.62 on Thursday. 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 has a 1-year low of $12.50 and a 1-year high of $17.19. The business has a 50 day simple moving average of $15.66 and a two-hundred day simple moving average of $15.15. The stock has a market capitalization of $3.68 billion, a PE ratio of 13.51 and a beta of 1.41.

Mechanics Bancorp (NASDAQ:MCHB) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.02. The business had revenue of $200.97 million for the quarter, compared to analysts’ expectations of $198.30 million. Mechanics Bancorp had a return on equity of 10.69% and a net margin of 23.98%. On average, research analysts predict that Mechanics Bancorp will post 1.02 EPS for the current fiscal year.

Mechanics Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Saturday, May 23rd were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 16.8%. This is an increase from Mechanics Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio (DPR) is 227.64%.

Analyst Ratings Changes

Several research analysts recently weighed in on MCHB shares. Keefe, Bruyette & Woods upped their target price on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a report on Wednesday. Zacks Research raised Mechanics Bancorp to a “hold” rating in a report on Monday, June 1st. Raymond James Financial assumed coverage on Mechanics Bancorp in a research report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price objective on the stock. Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a research note on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective for the company. Finally, Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a research report on Thursday, May 28th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.12.

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.