Mechanics Bancorp (NASDAQ:MCHB) Reaches New 52-Week High – What’s Next?

Shares of Mechanics Bancorp (NASDAQ:MCHB) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $16.14 and last traded at $16.0690, with a volume of 33479 shares changing hands. The stock had previously closed at $15.90.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MCHB shares. Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a research note on Friday, April 10th. They set an “overweight” rating and a $17.00 price objective on the stock. Raymond James Financial began coverage on shares of Mechanics Bancorp in a report on Thursday, May 28th. They set an “outperform” rating and a $17.00 target price on the stock. Keefe, Bruyette & Woods reduced their price target on shares of 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 shares of Mechanics Bancorp in a report on Thursday, May 28th. Finally, Weiss Ratings raised shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.62.

Mechanics Bancorp Trading Up 1.8%

The firm’s fifty day moving average price is $14.95 and its 200-day moving average price is $14.84. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 21.62 and a beta of 1.42. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80.

Mechanics Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were given a $0.70 dividend. The ex-dividend date was Friday, May 22nd. This represents a $2.80 annualized dividend and a yield of 17.3%. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. Mechanics Bancorp’s payout ratio is 373.33%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mechanics Bank Trust Department acquired a new stake in shares of Mechanics Bancorp in the fourth quarter valued at approximately $50,082,000. Mendon Capital Advisors Corp acquired a new position in shares of Mechanics Bancorp during the third quarter worth approximately $14,043,000. Maltese Capital Management LLC bought a new position in Mechanics Bancorp in the 3rd quarter worth approximately $13,498,000. Vanguard Group Inc. bought a new position in Mechanics Bancorp in the 3rd quarter worth approximately $13,128,000. Finally, GW&K Investment Management LLC acquired a new stake in Mechanics Bancorp in the 3rd quarter valued at approximately $12,051,000. Institutional investors own 74.71% of the company’s stock.

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.