Mechanics Bancorp (NASDAQ:MCHB) Sets New 1-Year High – Here’s Why

Mechanics Bancorp (NASDAQ:MCHB) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $16.03 and last traded at $14.28, with a volume of 18423 shares trading hands. The stock had previously closed at $14.50.

Analysts Set New Price Targets

MCHB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods cut 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. Weiss Ratings cut Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Finally, Cantor Fitzgerald started coverage on Mechanics Bancorp in a report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective on the stock. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Mechanics Bancorp currently has an average rating of “Moderate Buy” and an average target price of $16.25.

Mechanics Bancorp Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.81. The stock has a market capitalization of $3.23 billion, a P/E ratio of 19.47 and a beta of 1.42. The stock’s fifty day moving average is $14.81 and its 200-day moving average is $14.62.

Mechanics Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd will be paid a dividend of $0.70 per share. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, May 22nd. This represents a $2.80 annualized dividend and a dividend yield of 19.2%. Mechanics Bancorp’s dividend payout ratio is currently 213.33%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Mechanics Bank Trust Department bought a new stake in Mechanics Bancorp during the fourth quarter worth approximately $50,082,000. Geode Capital Management LLC raised its position in shares of Mechanics Bancorp by 167.3% in the fourth quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company’s stock valued at $20,024,000 after purchasing an additional 856,476 shares during the period. GW&K Investment Management LLC lifted its stake in shares of Mechanics Bancorp by 36.2% in the fourth quarter. GW&K Investment Management LLC now owns 1,233,288 shares of the company’s stock worth $18,043,000 after buying an additional 327,908 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Mechanics Bancorp by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company’s stock worth $16,201,000 after buying an additional 13,648 shares during the period. Finally, Mendon Capital Advisors Corp bought a new stake in shares of Mechanics Bancorp during the 3rd quarter worth $14,043,000. 74.71% of the stock is owned by institutional investors.

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.