Mechanics Bancorp (NASDAQ:MCHB) Shares Gap Down – Should You Sell?

Mechanics Bancorp (NASDAQ:MCHB)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $14.96, but opened at $14.18. Mechanics Bancorp shares last traded at $14.2710, with a volume of 41,933 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MCHB shares. Cantor Fitzgerald started coverage on Mechanics Bancorp in a research note on Friday, April 10th. They issued an “overweight” rating and a $17.00 target price for the company. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Finally, Keefe, Bruyette & Woods lowered their target price 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. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

Mechanics Bancorp Price Performance

The company has a market capitalization of $3.16 billion, a price-to-earnings ratio of 19.04 and a beta of 1.42. The company has a 50-day moving average price of $14.80 and a 200-day moving average price of $14.66. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80.

Mechanics Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 19.6%. The ex-dividend date is Friday, May 22nd. This is an increase from Mechanics Bancorp’s previous quarterly dividend of $0.40. Mechanics Bancorp’s dividend payout ratio is presently 213.33%.

Hedge Funds Weigh In On Mechanics Bancorp

Several institutional investors have recently modified their holdings of the stock. Mechanics Bank Trust Department bought a new position in shares of Mechanics Bancorp during the 4th quarter valued at about $50,082,000. Acuitas Investments LLC bought a new position in shares of Mechanics Bancorp during the 3rd quarter valued at about $5,102,000. Stieven Capital Advisors L.P. bought a new position in shares of Mechanics Bancorp during the 3rd quarter valued at about $7,743,000. CCG Wealth Management LLC bought a new position in shares of Mechanics Bancorp during the 3rd quarter valued at about $2,277,000. Finally, CenterBook Partners LP bought a new position in shares of Mechanics Bancorp during the 3rd quarter valued at about $1,437,000. 74.71% of the stock is currently owned by institutional investors and hedge funds.

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.