Mechanics Bancorp (NASDAQ:MCHB) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Mechanics Bancorp has a “Moderate Buy” consensus rating from five analysts, with three buys and two holds. The average 12-month price target is $17.125, versus a recent share price of $15.82.
• Institutional investors and hedge funds own approximately 74.71% of the company’s stock, with several institutions recently initiating positions.
• The company paid a quarterly dividend of $0.25, equal to an annualized $1.00 and a 6.3% yield; its dividend payout ratio is 81.3%.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) has received an average recommendation of "Moderate Buy" from the five research firms that are currently covering the firm, 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 12 month target price among brokers that have issued a report on the stock in the last year is $17.1250.

Several research analysts have weighed in on the stock. Zacks Research upgraded shares of Mechanics Bancorp to a "hold" rating in a research report on Monday, June 1st. Raymond James Financial started coverage on Mechanics Bancorp in a research note on Thursday, May 28th. They set an "outperform" rating and a $17.00 price target on the stock. Stifel Nicolaus set a $17.00 price target on Mechanics Bancorp in a report on Thursday, May 28th. Weiss Ratings raised Mechanics Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods lifted their price objective on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a "market perform" rating in a report on Wednesday, August 5th.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Comerica Bank acquired a new stake in Mechanics Bancorp in the 3rd quarter valued at about $34,000. California State Teachers Retirement System acquired a new position in Mechanics Bancorp during the first quarter worth about $39,000. Fifth Third Bancorp purchased a new stake in shares of Mechanics Bancorp in the first quarter valued at about $39,000. BNP Paribas Financial Markets purchased a new stake in shares of Mechanics Bancorp in the third quarter valued at about $48,000. Finally, Assetmark Inc. acquired a new stake in shares of Mechanics Bancorp in the first quarter valued at approximately $51,000. Institutional investors and hedge funds own 74.71% of the company's stock.

Mechanics Bancorp Stock Down 0.1%

Shares of NASDAQ MCHB opened at $15.82 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.05. Mechanics Bancorp has a 52 week low of $12.70 and a 52 week high of $17.38. The firm has a 50-day moving average price of $16.27 and a 200 day moving average price of $15.35. The stock has a market capitalization of $3.50 billion, a price-to-earnings ratio of 12.86 and a beta of 1.39.

Mechanics Bancorp Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Saturday, August 29th were given a $0.25 dividend. The ex-dividend date was Friday, August 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.3%. Mechanics Bancorp's dividend payout ratio (DPR) is currently 81.30%.

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.

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