Waverly Advisors LLC Invests $1.30 Million in Mechanics Bancorp $MCHB

Key Points

• Waverly Advisors acquired 88,267 shares of Mechanics Bancorp in the first quarter, worth approximately $1.30 million. Institutional investors and hedge funds collectively own 74.71% of the company.
• Analyst sentiment remains positive, with three Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $16.62.
• Mechanics Bancorp beat quarterly estimates, reporting EPS of $0.27 versus $0.25 expected and revenue of $200.97 million. The company also raised its quarterly dividend to $0.70 per share, representing a stated annualized yield of 16.7%.

Waverly Advisors LLC acquired a new stake in Mechanics Bancorp (NASDAQ:MCHB - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 88,267 shares of the company's stock, valued at approximately $1,302,000.

A number of other hedge funds have also made changes to their positions in MCHB. Geode Capital Management LLC raised its holdings in Mechanics Bancorp by 167.3% during the fourth quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company's stock worth $20,024,000 after purchasing an additional 856,476 shares in the last quarter. GW&K Investment Management LLC boosted its stake in Mechanics Bancorp by 36.2% during 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 purchasing an additional 327,908 shares in the last quarter. Bank of New York Mellon Corp boosted its stake 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 valued at $16,201,000 after purchasing an additional 13,648 shares in the last quarter. Mendon Capital Advisors Corp acquired a new position in shares of Mechanics Bancorp during the 3rd quarter valued at $14,043,000. Finally, Vanguard Group Inc. acquired a new position in shares of Mechanics Bancorp during the 3rd quarter valued at $13,128,000. Institutional investors and hedge funds own 74.71% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings downgraded Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 23rd. Raymond James Financial began coverage on Mechanics Bancorp in a research note on Thursday, May 28th. They set an "outperform" rating and a $17.00 target price for the company. Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a report on Friday, April 10th. They set an "overweight" rating and a $17.00 target price on the stock. Zacks Research upgraded shares of Mechanics Bancorp to a "hold" rating in a research report on Monday, June 1st. Finally, Stifel Nicolaus set a $17.00 price target on shares of Mechanics Bancorp in a research report on Thursday, May 28th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $16.62.

Mechanics Bancorp Stock Performance

Shares of MCHB opened at $16.79 on Friday. The company has a 50-day moving average of $15.52 and a two-hundred day moving average of $15.10. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 13.65 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. Mechanics Bancorp has a one year low of $12.46 and a one year high of $16.88.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.02. The business had revenue of $200.97 million for the quarter, compared to analyst estimates of $198.30 million. Mechanics Bancorp had a net margin of 23.98% and a return on equity of 10.69%. On average, equities research analysts expect that Mechanics Bancorp will post 1.02 earnings per share for the current year.

Mechanics Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Saturday, May 23rd were paid a dividend of $0.70 per share. This is an increase from Mechanics Bancorp's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.80 annualized dividend and a yield of 16.7%. Mechanics Bancorp's dividend payout ratio (DPR) is presently 227.64%.

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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