Bank of America Corp DE purchased a new stake in Mechanics Bancorp (NASDAQ:MCHB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 112,695 shares of the company's stock, valued at approximately $1,662,000. Bank of America Corp DE owned 0.05% of Mechanics Bancorp at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Comerica Bank bought a new position in shares of Mechanics Bancorp in the third quarter valued at $34,000. California State Teachers Retirement System acquired a new position in shares of Mechanics Bancorp during the first quarter valued at about $39,000. Fifth Third Bancorp bought a new stake in shares of Mechanics Bancorp during the first quarter worth about $39,000. BNP Paribas Financial Markets bought a new stake in shares of Mechanics Bancorp during the third quarter worth about $48,000. Finally, Assetmark Inc. acquired a new stake in shares of Mechanics Bancorp in the 1st quarter worth about $51,000. Institutional investors own 74.71% of the company's stock.
Analyst Ratings Changes
Several equities analysts recently weighed in on the stock. Stifel Nicolaus set a $17.00 price target on shares of Mechanics Bancorp in a research 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. Raymond James Financial initiated coverage on Mechanics Bancorp in a report on Thursday, May 28th. They issued an "outperform" rating and a $17.00 target price on the stock. Keefe, Bruyette & Woods lifted their target price on Mechanics Bancorp from $16.00 to $17.50 and gave the company a "market perform" rating in a research report on Wednesday, August 5th. Finally, Zacks Research upgraded Mechanics Bancorp to a "hold" rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.12.
Get Our Latest Analysis on MCHB
Mechanics Bancorp Stock Up 0.6%
MCHB opened at $15.84 on Friday. Mechanics Bancorp has a fifty-two week low of $12.70 and a fifty-two week high of $17.38. The firm has a market capitalization of $3.51 billion, a P/E ratio of 12.88 and a beta of 1.39. The company's 50-day moving average is $16.28 and its 200 day moving average is $15.34. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.78 and a quick ratio of 0.78.
Mechanics Bancorp Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Saturday, August 29th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 28th. This represents a $1.00 annualized dividend and a dividend yield of 6.3%. Mechanics Bancorp's dividend payout ratio (DPR) is currently 81.30%.
Mechanics Bancorp Profile
(
Free Report)
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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