Simcoe Capital LLC Makes New $5.01 Million Investment in Mechanics Bancorp $MCHB

Simcoe Capital LLC acquired a new position in Mechanics Bancorp (NASDAQ:MCHB) in the 4th quarter, HoldingsChannel reports. The firm acquired 342,279 shares of the company’s stock, valued at approximately $5,008,000. Mechanics Bancorp accounts for about 4.7% of Simcoe Capital LLC’s holdings, making the stock its biggest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mechanics Bank Trust Department purchased a new stake in shares of Mechanics Bancorp during the fourth quarter valued at approximately $50,082,000. Mendon Capital Advisors Corp purchased a new stake in shares of Mechanics Bancorp during the third quarter valued at approximately $14,043,000. Maltese Capital Management LLC purchased a new stake in shares of Mechanics Bancorp during the third quarter valued at approximately $13,498,000. Vanguard Group Inc. purchased a new stake in shares of Mechanics Bancorp during the third quarter valued at approximately $13,128,000. Finally, GW&K Investment Management LLC purchased a new stake in shares of Mechanics Bancorp during the third quarter valued at approximately $12,051,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

Mechanics Bancorp Price Performance

Shares of NASDAQ MCHB opened at $14.49 on Wednesday. The stock has a fifty day simple moving average of $14.82 and a two-hundred day simple moving average of $14.61. Mechanics Bancorp has a 1-year low of $11.81 and a 1-year high of $16.03. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 19.32 and a beta of 1.42. The company has a current ratio of 0.80, a quick ratio of 0.81 and a debt-to-equity ratio of 0.05.

Mechanics Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Stockholders of record on Monday, March 9th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.0%. The ex-dividend date of this dividend was Monday, March 9th. Mechanics Bancorp’s dividend payout ratio (DPR) is presently 213.33%.

Wall Street Analysts Forecast Growth

MCHB has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods decreased their price target on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a research report on Monday, May 4th. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. Finally, Cantor Fitzgerald started coverage on Mechanics Bancorp in a report on Friday, April 10th. They set an “overweight” rating and a $17.00 price objective for the company. Two 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

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.