Renaissance Technologies LLC Lowers Stake in Mechanics Bancorp $MCHB

Key Points

• Renaissance Technologies cut its Mechanics Bancorp stake by 29.3% in the first quarter, selling 88,626 shares and retaining 213,474 shares valued at approximately $3.15 million. Institutional investors collectively own 74.71% of the company.
• Analyst sentiment remains generally positive, with three Buy ratings and two Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $17.12.
• Mechanics Bancorp raised its quarterly dividend to $0.70 per share, equivalent to an annualized $2.80 dividend and a reported 16.8% yield, though its payout ratio stands at 227.64%.

Renaissance Technologies LLC lowered its position in shares of Mechanics Bancorp (NASDAQ:MCHB - Free Report) by 29.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 213,474 shares of the company's stock after selling 88,626 shares during the quarter. Renaissance Technologies LLC owned approximately 0.10% of Mechanics Bancorp worth $3,149,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCHB. Comerica Bank acquired a new stake in shares of Mechanics Bancorp during the third quarter worth $34,000. Fifth Third Bancorp purchased a new stake in shares of Mechanics Bancorp in the first quarter valued at $39,000. BNP Paribas Financial Markets acquired a new position in Mechanics Bancorp in the third quarter valued at $48,000. Assetmark Inc. acquired a new position in Mechanics Bancorp in the first quarter valued at $51,000. Finally, Bank of America Corp DE purchased a new position in Mechanics Bancorp during the third quarter worth about $98,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MCHB. Weiss Ratings cut shares of Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 23rd. Zacks Research raised shares of Mechanics Bancorp to a "hold" rating in a research note on Monday, June 1st. Stifel Nicolaus set a $17.00 price objective on shares of Mechanics Bancorp in a research note on Thursday, May 28th. Keefe, Bruyette & Woods increased their target price on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a "market perform" rating in a research report on Wednesday. Finally, Raymond James Financial started coverage on Mechanics Bancorp in a research report on Thursday, May 28th. They set an "outperform" rating and a $17.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $17.12.

Mechanics Bancorp Stock Performance

Mechanics Bancorp stock opened at $16.64 on Friday. Mechanics Bancorp has a 12-month low of $12.50 and a 12-month high of $17.19. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 13.53 and a beta of 1.41. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80. The firm's fifty day moving average price is $15.75 and its 200 day moving average price is $15.18.

Mechanics Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Saturday, May 23rd were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.80 annualized dividend and a yield of 16.8%. This is an increase from Mechanics Bancorp's previous quarterly dividend of $0.40. Mechanics Bancorp's dividend payout ratio (DPR) is 227.64%.

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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