Maltese Capital Management LLC Invests $13.50 Million in Mechanics Bancorp $MCHB

Maltese Capital Management LLC bought a new position in shares of Mechanics Bancorp (NASDAQ:MCHB) in the third quarter, Holdings Channel reports. The firm bought 1,014,105 shares of the company’s stock, valued at approximately $13,498,000. Mechanics Bancorp accounts for 2.0% of Maltese Capital Management LLC’s investment portfolio, making the stock its 9th largest position. Maltese Capital Management LLC owned approximately 0.05% of Mechanics Bancorp at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Miracle Mile Advisors LLC acquired a new stake in shares of Mechanics Bancorp in the third quarter worth $14,851,000. Mendon Capital Advisors Corp acquired a new stake in Mechanics Bancorp in the 3rd quarter valued at $14,043,000. Vanguard Group Inc. purchased a new position in Mechanics Bancorp in the third quarter valued at about $13,128,000. GW&K Investment Management LLC acquired a new position in shares of Mechanics Bancorp during the third quarter worth about $12,051,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of Mechanics Bancorp during the third quarter worth about $9,557,000. 74.71% of the stock is owned by institutional investors and hedge funds.

Mechanics Bancorp Price Performance

MCHB stock opened at $14.44 on Tuesday. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 45.13 and a beta of 1.55. Mechanics Bancorp has a 1-year low of $8.56 and a 1-year high of $16.02. The company’s fifty day simple moving average is $14.90. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07.

Mechanics Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Monday, March 9th will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, March 9th. This represents a $1.60 annualized dividend and a yield of 11.1%. Mechanics Bancorp’s dividend payout ratio is 500.00%.

Analyst Ratings Changes

MCHB has been the topic of several recent analyst reports. Wall Street Zen downgraded Mechanics Bancorp from a “buy” rating to a “hold” rating in a report on Sunday, November 30th. Weiss Ratings upgraded shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 25th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.