Mechanics Bancorp $MCHB Position Boosted by CenterBook Partners LP

CenterBook Partners LP lifted its stake in shares of Mechanics Bancorp (NASDAQ:MCHB) by 688.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 850,570 shares of the company’s stock after buying an additional 742,641 shares during the quarter. CenterBook Partners LP’s holdings in Mechanics Bancorp were worth $12,444,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Comerica Bank bought a new position in shares of Mechanics Bancorp during the third quarter worth about $34,000. AlphaQuest LLC bought a new position in Mechanics Bancorp in the third quarter worth about $45,000. BNP Paribas Financial Markets bought a new position in Mechanics Bancorp in the third quarter worth about $48,000. Bank of America Corp DE bought a new position in Mechanics Bancorp in the third quarter worth about $98,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Mechanics Bancorp in the third quarter worth about $112,000. Institutional investors own 74.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Raymond James Financial assumed coverage on shares of Mechanics Bancorp in a report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 target price on the stock. Keefe, Bruyette & Woods cut their target price on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a report on Monday, May 4th. Stifel Nicolaus set a $17.00 target price on shares of Mechanics Bancorp in a report on Thursday, May 28th. Cantor Fitzgerald assumed coverage on shares of Mechanics Bancorp in a report on Friday, April 10th. They issued an “overweight” rating and a $17.00 target price on the stock. Finally, Weiss Ratings raised shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.63.

Mechanics Bancorp Stock Performance

MCHB opened at $14.99 on Monday. The business’s 50 day moving average is $14.84 and its 200-day moving average is $14.76. The stock has a market cap of $3.32 billion, a PE ratio of 19.99 and a beta of 1.42. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. Mechanics Bancorp has a twelve month low of $12.05 and a twelve month high of $16.03.

Mechanics Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 18.7%. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio is presently 373.33%.

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.