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

Shares of Mechanics Bancorp (NASDAQ:MCHB) have received a consensus recommendation of “Moderate Buy” from the five analysts that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $17.1250.

A number of analysts have issued reports on the company. Weiss Ratings downgraded Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 23rd. Zacks Research upgraded shares of Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Keefe, Bruyette & Woods upped their price target on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a research note on Wednesday, August 5th. Stifel Nicolaus set a $17.00 price objective on shares of Mechanics Bancorp in a research note on Thursday, May 28th. Finally, Raymond James Financial began coverage on shares of Mechanics Bancorp in a report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 target price on the stock.

Institutional Investors Weigh In On Mechanics Bancorp

Several institutional investors have recently modified their holdings of the stock. Comerica Bank purchased a new position in shares of Mechanics Bancorp in the 3rd quarter worth approximately $34,000. California State Teachers Retirement System purchased a new stake in Mechanics Bancorp during the 1st quarter valued at $39,000. Fifth Third Bancorp bought a new stake in Mechanics Bancorp in the first quarter worth $39,000. Assetmark Inc. bought a new stake in Mechanics Bancorp in the first quarter worth $51,000. Finally, BNP Paribas Financial Markets bought a new stake in Mechanics Bancorp in the third quarter worth $48,000. 74.71% of the stock is owned by institutional investors.

Mechanics Bancorp Trading Up 0.4%

Shares of Mechanics Bancorp stock opened at $16.71 on Tuesday. Mechanics Bancorp has a twelve month low of $12.52 and a twelve month high of $17.19. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average price of $15.79 and a 200-day moving average price of $15.20. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 13.59 and a beta of 1.41.

Mechanics Bancorp Increases Dividend

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

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.