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

Mechanics Bancorp (NASDAQ:MCHB) issued its quarterly earnings results on Wednesday. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.02, Zacks reports. Mechanics Bancorp had a return on equity of 10.69% and a net margin of 23.98%.The business had revenue of $200.97 million for the quarter, compared to analyst estimates of $198.30 million.

Mechanics Bancorp Stock Up 0.7%

Shares of Mechanics Bancorp stock traded up $0.12 during trading hours on Friday, reaching $16.71. 333,874 shares of the company’s stock were exchanged, compared to its average volume of 486,061. The stock has a market cap of $3.70 billion, a P/E ratio of 13.59 and a beta of 1.41. The company has a 50 day moving average of $15.46 and a two-hundred day moving average of $15.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. Mechanics Bancorp has a fifty-two week low of $12.46 and a fifty-two week high of $16.88.

Mechanics Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Saturday, May 23rd were given 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 of this dividend was Friday, May 22nd. This represents a $2.80 annualized dividend and a yield of 16.8%. Mechanics Bancorp’s payout ratio is presently 227.64%.

Hedge Funds Weigh In On Mechanics Bancorp

A number of institutional investors have recently added to or reduced their stakes in the company. Comerica Bank acquired a new stake in Mechanics Bancorp in the third quarter valued at $34,000. BNP Paribas Financial Markets bought a new position in Mechanics Bancorp during the third quarter worth about $48,000. Bank of America Corp DE bought a new position in Mechanics Bancorp during the third quarter worth about $98,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Mechanics Bancorp during the third quarter worth about $112,000. Finally, New York State Common Retirement Fund increased its position in Mechanics Bancorp by 343.1% during the fourth quarter. New York State Common Retirement Fund now owns 8,653 shares of the company’s stock worth $127,000 after buying an additional 6,700 shares during the last quarter. 74.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research note on Monday, May 4th. Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective for the company. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 23rd. Raymond James Financial began coverage on Mechanics Bancorp in a report on Thursday, May 28th. They set an “outperform” rating and a $17.00 target price on the stock. Finally, Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a report on Thursday, May 28th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.62.

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.