Mechanics Bank Trust Department Makes New $50.08 Million Investment in Mechanics Bancorp $MCHB

Key Points

• Mechanics Bank Trust Department bought 3,423,231 shares of Mechanics Bancorp valued at about $50.08 million in Q4, making MCHB its largest holding (≈6.6% of the trust's portfolio) and representing 1.55% ownership of the company.
• Mechanics Bancorp recently paid a quarterly dividend of $0.40 (annualized $1.60), implying a 11.1% dividend yield500%, suggesting the dividend may not be sustainable.
• Analysts have trimmed ratings to a consensus Hold with an average target price of $14.50, while institutional investors own roughly 74.7% of the stock; MCHB has a market cap of $3.18 billion and a trailing PE of 44.91.

Mechanics Bank Trust Department bought a new position in Mechanics Bancorp (NASDAQ:MCHB - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,423,231 shares of the company's stock, valued at approximately $50,082,000. Mechanics Bancorp makes up approximately 6.6% of Mechanics Bank Trust Department's investment portfolio, making the stock its largest position. Mechanics Bank Trust Department owned 1.55% of Mechanics Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of MCHB. Miracle Mile Advisors LLC purchased a new stake in shares of Mechanics Bancorp during the 3rd quarter valued at approximately $14,851,000. Mendon Capital Advisors Corp purchased a new position in Mechanics Bancorp in the 3rd quarter valued at approximately $14,043,000. Maltese Capital Management LLC bought a new stake in Mechanics Bancorp during the 3rd quarter valued at $13,498,000. Vanguard Group Inc. bought a new stake in Mechanics Bancorp during the 3rd quarter valued at $13,128,000. Finally, GW&K Investment Management LLC purchased a new stake in shares of Mechanics Bancorp during the third quarter worth $12,051,000. Institutional investors own 74.71% of the company's stock.

Analyst Ratings Changes

MCHB has been the subject of a number of analyst reports. Weiss Ratings lowered Mechanics Bancorp from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, March 17th. Wall Street Zen cut Mechanics Bancorp from a "buy" rating to a "hold" rating in a report on Sunday, November 30th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $14.50.

Mechanics Bancorp Price Performance

NASDAQ MCHB opened at $14.37 on Friday. Mechanics Bancorp has a 1 year low of $9.02 and a 1 year high of $16.02. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.07. The stock has a market cap of $3.18 billion, a PE ratio of 44.91 and a beta of 1.55. The business has a 50 day moving average price of $14.86.

Mechanics Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Monday, March 9th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, March 9th. This represents a $1.60 annualized dividend and a dividend yield of 11.1%. Mechanics Bancorp's dividend payout ratio is presently 500.00%.

Mechanics Bancorp 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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