Sculptor Capital LP Purchases Shares of 512,727 Mechanics Bancorp $MCHB

Key Points

• Sculptor Capital LP purchased 512,727 shares of Mechanics Bancorp in the first quarter, valued at approximately $7.6 million and representing about 0.23% of the company. 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 “Moderate Buy” rating and a consensus price target of $16.62.
• The company increased its quarterly dividend to $0.70 per share, equivalent to an annualized $2.80 dividend and a 17.9% yield. However, its payout ratio is notably high at 373.33%.

Sculptor Capital LP purchased a new stake in Mechanics Bancorp (NASDAQ:MCHB - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 512,727 shares of the company's stock, valued at approximately $7,563,000. Sculptor Capital LP owned approximately 0.23% of Mechanics Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Mechanics Bank Trust Department acquired a new position in shares of Mechanics Bancorp during the fourth quarter worth about $50,082,000. Geode Capital Management LLC raised its position in Mechanics Bancorp by 167.3% in the 4th quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company's stock valued at $20,024,000 after buying an additional 856,476 shares during the last quarter. GW&K Investment Management LLC lifted its stake in Mechanics Bancorp by 36.2% in the 4th quarter. GW&K Investment Management LLC now owns 1,233,288 shares of the company's stock valued at $18,043,000 after acquiring an additional 327,908 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Mechanics Bancorp by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company's stock worth $16,201,000 after acquiring an additional 13,648 shares during the last quarter. Finally, Mendon Capital Advisors Corp acquired a new position in Mechanics Bancorp during the 3rd quarter worth approximately $14,043,000. 74.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. 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 target price on shares of Mechanics Bancorp in a report on Thursday, May 28th. Raymond James Financial assumed coverage on shares of Mechanics Bancorp in a research report on Thursday, May 28th. They issued an "outperform" rating and a $17.00 target price for the company. Keefe, Bruyette & Woods lowered their price target on shares of Mechanics Bancorp from $16.00 to $15.50 and set a "market perform" rating on the stock in a research note on Monday, May 4th. Finally, Weiss Ratings cut shares of Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Mechanics Bancorp currently has an average rating of "Moderate Buy" and an average price target of $16.62.

Mechanics Bancorp Stock Performance

Shares of Mechanics Bancorp stock opened at $15.68 on Monday. Mechanics Bancorp has a 12-month low of $12.46 and a 12-month high of $16.68. The stock has a market cap of $3.47 billion, a P/E ratio of 20.91 and a beta of 1.41. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05. The business's 50 day moving average is $15.35 and its 200-day moving average is $15.05.

Mechanics Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were issued a dividend of $0.70 per share. The ex-dividend date was Friday, May 22nd. This is a positive change from Mechanics Bancorp's previous quarterly dividend of $0.40. This represents a $2.80 dividend on an annualized basis and a yield of 17.9%. Mechanics Bancorp's dividend payout ratio is presently 373.33%.

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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