GW&K Investment Management LLC Takes $12.05 Million Position in Mechanics Bancorp $MCHB

Key Points

• GW&K Investment Management LLC bought 905,380 shares (~$12.05 million) of Mechanics Bancorp in Q3, ending the period owning 4.79% of the company.
• Other institutions also added stakes—most notably Miracle Mile Advisors (~$14.85 million)—and total institutional ownership stands at 74.71%.
• Mechanics Bancorp declared a $0.40 per share dividend payable March 19 (record date March 9), but the payout ratio is an elevated 262.5%, signaling potential sustainability concerns.

GW&K Investment Management LLC acquired a new position in Mechanics Bancorp (NASDAQ:MCHB - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 905,380 shares of the company's stock, valued at approximately $12,051,000. GW&K Investment Management LLC owned 4.79% of Mechanics Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MCHB. Miracle Mile Advisors LLC purchased a new position in Mechanics Bancorp during the third quarter valued at $14,851,000. Nisa Investment Advisors LLC purchased a new position in shares of Mechanics Bancorp during the 3rd quarter valued at about $57,000. Covestor Ltd bought a new position in shares of Mechanics Bancorp during the 3rd quarter valued at approximately $60,000. Emerald Mutual Fund Advisers Trust purchased a new position in shares of Mechanics Bancorp during the 3rd quarter valued at $805,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in shares of Mechanics Bancorp during the 3rd quarter valued at $188,000. 74.71% of the stock is currently owned by hedge funds and other institutional investors.

Mechanics Bancorp Trading Down 0.9%

MCHB opened at $14.80 on Friday. The stock has a 50-day moving average of $14.95. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. Mechanics Bancorp has a 12 month low of $8.41 and a 12 month high of $16.02. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 46.25 and a beta of 1.55.

Mechanics Bancorp Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Thursday, March 19th. Shareholders of record on Monday, March 9th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, March 9th. Mechanics Bancorp's payout ratio is 262.50%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wall Street Zen lowered Mechanics Bancorp from a "buy" rating to a "hold" rating in a research note on Sunday, November 30th. Weiss Ratings upgraded Mechanics Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.50.

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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