Mechanics Bancorp (NASDAQ:MCHB) Announces Quarterly Earnings Results

Mechanics Bancorp (NASDAQ:MCHB) issued its earnings results on Friday. The company reported $0.56 earnings per share (EPS) for the quarter, Zacks reports. Mechanics Bancorp had a positive return on equity of 4.74% and a negative net margin of 14.49%.

Mechanics Bancorp Trading Down 1.1%

NASDAQ MCHB traded down $0.17 during trading on Friday, reaching $15.00. The company’s stock had a trading volume of 359,371 shares, compared to its average volume of 391,533. Mechanics Bancorp has a 1-year low of $8.41 and a 1-year high of $15.91. The company has a market capitalization of $3.32 billion, a PE ratio of -2.22 and a beta of 1.55. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07. The stock has a 50-day simple moving average of $14.67.

Mechanics Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 8th were issued a $0.21 dividend. The ex-dividend date of this dividend was Monday, December 8th. This represents a $0.84 annualized dividend and a dividend yield of 5.6%. Mechanics Bancorp’s dividend payout ratio is currently -12.43%.

Institutional Investors Weigh In On Mechanics Bancorp

A number of hedge funds and other institutional investors have recently bought and sold shares of MCHB. Rhumbline Advisers bought a new stake in shares of Mechanics Bancorp in the 3rd quarter worth $355,000. JPMorgan Chase & Co. purchased a new position in Mechanics Bancorp during the 3rd quarter valued at $118,000. Vanguard Group Inc. bought a new position in Mechanics Bancorp in the third quarter worth about $13,128,000. Victory Capital Management Inc. purchased a new position in shares of Mechanics Bancorp in the 3rd quarter valued at approximately $322,000. Finally, Dimensional Fund Advisors LP purchased a new position in Mechanics Bancorp during the third quarter valued at $9,557,000. Institutional investors and hedge funds own 74.71% of the company’s stock.

Analyst Upgrades and Downgrades

MCHB has been the topic of a number of research reports. Wall Street Zen downgraded Mechanics Bancorp from a “buy” rating to a “hold” rating in a research note on Sunday, November 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Mechanics Bancorp from $14.00 to $14.50 and gave the company a “market perform” rating in a report on Monday, October 20th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Mechanics Bancorp in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $14.50.

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.