Mechanics Bancorp (NASDAQ:MCHB) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Mechanics Bancorp (NASDAQ:MCHB) announced its quarterly earnings results on Wednesday. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.02, Zacks reports. Mechanics Bancorp had a net margin of 21.71% and a return on equity of 10.61%.

Mechanics Bancorp Stock Up 4.1%

Shares of MCHB opened at $16.49 on Thursday. The stock has a 50 day moving average price of $15.43 and a 200 day moving average price of $15.07. Mechanics Bancorp has a one year low of $12.46 and a one year high of $16.68. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 21.99 and a beta of 1.41.

Mechanics Bancorp Increases Dividend

The company also recently declared 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. The ex-dividend date was Friday, May 22nd. This is a positive change from Mechanics Bancorp’s previous quarterly dividend of $0.40. This represents a $2.80 annualized dividend and a dividend yield of 17.0%. Mechanics Bancorp’s dividend payout ratio (DPR) is presently 373.33%.

Institutional Investors Weigh In On Mechanics Bancorp

Large investors have recently modified their holdings of the business. Comerica Bank acquired a new position in Mechanics Bancorp during the third quarter worth about $34,000. BNP Paribas Financial Markets acquired a new stake in Mechanics Bancorp in the 3rd quarter valued at about $48,000. Bank of America Corp DE purchased a new position in Mechanics Bancorp in the 3rd quarter worth approximately $98,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Mechanics Bancorp in the 3rd quarter worth approximately $112,000. Finally, JPMorgan Chase & Co. acquired a new position in shares of Mechanics Bancorp during the 3rd quarter worth approximately $118,000. Hedge funds and other institutional investors own 74.71% of the company’s stock.

Analyst Upgrades and Downgrades

MCHB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods dropped their target price on 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. Stifel Nicolaus set a $17.00 price target on Mechanics Bancorp in a research report on Thursday, May 28th. Cantor Fitzgerald assumed coverage on Mechanics Bancorp in a research report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective for the company. Raymond James Financial started coverage on Mechanics Bancorp in a research note on Thursday, May 28th. They set an “outperform” rating and a $17.00 target price for the company. Finally, Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.62.

Mechanics Bancorp Company Profile

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.