581,735 Shares in Mechanics Bancorp $MCHB Acquired by Stieven Capital Advisors L.P.

Key Points

• Stieven Capital Advisors L.P. acquired a new stake of 581,735 shares in Mechanics Bancorp (NASDAQ:MCHB) in Q3, valued at about $7.743 million, making up ~1.5% of its portfolio and leaving it with a 3.07% ownership stake.
• Mechanics Bancorp announced a quarterly dividend of $0.40 per share (annualized $1.60) payable Mar 19 with record date Mar 9, implying a 11.3% yield and a stated payout ratio of 500%.
• Hedge funds and other institutional investors own 74.71% of MCHB, while Wall Street analysts have a consensus "Hold" rating and a consensus target price of $14.50 (1 Buy, 2 Hold).

Stieven Capital Advisors L.P. acquired a new stake in Mechanics Bancorp (NASDAQ:MCHB - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 581,735 shares of the company's stock, valued at approximately $7,743,000. Mechanics Bancorp makes up approximately 1.5% of Stieven Capital Advisors L.P.'s portfolio, making the stock its 27th biggest position. Stieven Capital Advisors L.P. owned 3.07% of Mechanics Bancorp at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MCHB. AlphaQuest LLC acquired a new position in shares of Mechanics Bancorp during the third quarter worth $45,000. BNP Paribas Financial Markets acquired a new stake in Mechanics Bancorp during the 3rd quarter valued at $48,000. Nisa Investment Advisors LLC purchased a new stake in Mechanics Bancorp during the 3rd quarter worth $57,000. Covestor Ltd purchased a new stake in Mechanics Bancorp during the 3rd quarter worth $60,000. Finally, JPMorgan Chase & Co. acquired a new position in Mechanics Bancorp in the 3rd quarter worth $118,000. Hedge funds and other institutional investors own 74.71% of the company's stock.

Wall Street Analysts Forecast Growth

MCHB has been the subject of a number of analyst reports. Wall Street Zen cut shares of Mechanics Bancorp from a "buy" rating to a "hold" rating in a research report on Sunday, November 30th. Weiss Ratings raised Mechanics Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $14.50.

Mechanics Bancorp Trading Up 0.4%

MCHB stock opened at $14.22 on Friday. Mechanics Bancorp has a twelve month low of $8.56 and a twelve month high of $16.02. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $3.15 billion, a P/E ratio of 44.44 and a beta of 1.55. The stock's 50 day moving average is $14.91.

Mechanics Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Shareholders of record on Monday, March 9th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.3%. The ex-dividend date is Monday, March 9th. Mechanics Bancorp's dividend payout ratio is 500.00%.

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.

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