Mechanics Bancorp $MCHB Position Cut by Mechanics Bank Trust Department

Mechanics Bank Trust Department trimmed its stake in Mechanics Bancorp (NASDAQ:MCHB) by 2.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,242,540 shares of the company’s stock after selling 59,421 shares during the period. Mechanics Bancorp comprises approximately 4.4% of Mechanics Bank Trust Department’s holdings, making the stock its 4th largest position. Mechanics Bank Trust Department’s holdings in Mechanics Bancorp were worth $35,656,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Sculptor Capital LP bought a new position in Mechanics Bancorp during the first quarter valued at $7,563,000. Mendon Capital Advisors Corp bought a new stake in shares of Mechanics Bancorp in the 1st quarter worth about $5,127,000. Precision Wealth Strategies LLC purchased a new position in shares of Mechanics Bancorp during the 4th quarter worth about $659,000. UBS Group AG boosted its stake in shares of Mechanics Bancorp by 223.6% during the 4th quarter. UBS Group AG now owns 186,869 shares of the company’s stock worth $2,734,000 after purchasing an additional 129,118 shares during the period. Finally, Waverly Advisors LLC bought a new position in Mechanics Bancorp during the 1st quarter valued at about $1,302,000. Institutional investors own 74.71% of the company’s stock.

Analyst Upgrades and Downgrades

MCHB has been the topic of a number of recent analyst reports. Weiss Ratings lowered shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, July 23rd. Zacks Research upgraded Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a research note on Thursday, May 28th. Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised their price target on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a research note on Wednesday. Three research 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 stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.12.

Mechanics Bancorp Trading Down 0.4%

NASDAQ MCHB opened at $16.62 on Thursday. The stock has a market cap of $3.68 billion, a PE ratio of 13.51 and a beta of 1.41. Mechanics Bancorp has a 12 month low of $12.50 and a 12 month high of $17.19. The company’s 50-day moving average price is $15.66 and its 200-day moving average price is $15.15. 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 (NASDAQ:MCHB) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. The company had revenue of $200.97 million during 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%. Equities research analysts forecast that Mechanics Bancorp will post 1.02 earnings per share for the current year.

Mechanics Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd were paid a dividend of $0.70 per share. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. This represents a $2.80 annualized dividend and a dividend yield of 16.8%. The ex-dividend date of this dividend was Friday, May 22nd. Mechanics Bancorp’s payout ratio is presently 227.64%.

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.