Pinnacle Holdings LLC Purchases Shares of 253,348 Mechanics Bancorp $MCHB

Key Points

• Pinnacle Holdings LLC acquired 253,348 shares of Mechanics Bancorp worth approximately $4.03 million, representing 0.11% of the company and 1.2% of Pinnacle’s portfolio. Institutional investors and hedge funds collectively own 74.71% of the stock.
• Analyst sentiment is generally positive, with three Buy ratings and two Hold ratings. Mechanics Bancorp has an average rating of “Moderate Buy” and an average price target of $17.12.
• Shares opened at $16.20, near their 50-day average, while the company announced a quarterly dividend of $0.25 per share, equal to a 6.2% annualized yield. However, the payout ratio is elevated at 227.64%.

Pinnacle Holdings LLC purchased a new position in shares of Mechanics Bancorp (NASDAQ:MCHB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 253,348 shares of the company's stock, valued at approximately $4,028,000. Mechanics Bancorp accounts for 1.2% of Pinnacle Holdings LLC's investment portfolio, making the stock its 18th largest holding. Pinnacle Holdings LLC owned 0.11% of Mechanics Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of MCHB. Sculptor Capital LP acquired a new position in Mechanics Bancorp during the 1st quarter worth about $7,563,000. Mendon Capital Advisors Corp bought a new position in shares of Mechanics Bancorp during the first quarter worth about $5,127,000. Waverly Advisors LLC bought a new position in shares of Mechanics Bancorp during the first quarter worth about $1,302,000. Precision Wealth Strategies LLC acquired a new position in shares of Mechanics Bancorp in the fourth quarter worth approximately $659,000. Finally, UBS Group AG boosted its holdings in Mechanics Bancorp by 223.6% in the fourth quarter. UBS Group AG now owns 186,869 shares of the company's stock valued at $2,734,000 after acquiring an additional 129,118 shares during the last quarter. 74.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MCHB has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $17.00 target price on shares of Mechanics Bancorp in a research report on Thursday, May 28th. Zacks Research raised shares of Mechanics Bancorp to a "hold" rating in a research note on Monday, June 1st. Raymond James Financial started coverage on shares of Mechanics Bancorp in a research report on Thursday, May 28th. They set an "outperform" rating and a $17.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a "market perform" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised shares of Mechanics Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Mechanics Bancorp has an average rating of "Moderate Buy" and an average target price of $17.12.

Mechanics Bancorp Price Performance

Shares of NASDAQ MCHB opened at $16.20 on Monday. The firm's 50-day moving average price is $16.13 and its 200-day moving average price is $15.31. Mechanics Bancorp has a 1-year low of $12.52 and a 1-year high of $17.38. The firm has a market capitalization of $3.59 billion, a P/E ratio of 13.17 and a beta of 1.41. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.05.

Mechanics Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Saturday, August 29th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Friday, August 28th. Mechanics Bancorp's payout ratio is presently 227.64%.

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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