Mechanics Bancorp (NASDAQ:MCHB) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald started coverage on shares of Mechanics Bancorp (NASDAQ:MCHB) in a research report released on Friday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $17.00 price objective on the stock.

Separately, Weiss Ratings raised shares of Mechanics Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a research report on Tuesday, March 31st. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $15.75.

Mechanics Bancorp Stock Performance

Shares of MCHB stock opened at $15.29 on Friday. Mechanics Bancorp has a 52-week low of $10.23 and a 52-week high of $16.02. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.07. The stock has a 50-day moving average price of $14.88. The company has a market cap of $3.39 billion, a P/E ratio of 47.78 and a beta of 1.48.

Mechanics Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Monday, March 9th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 10.5%. The ex-dividend date of this dividend was Monday, March 9th. Mechanics Bancorp’s dividend payout ratio is presently 500.00%.

Institutional Trading of Mechanics Bancorp

A number of large investors have recently added to or reduced their stakes in the stock. Mechanics Bank Trust Department purchased a new stake in Mechanics Bancorp during the fourth quarter worth about $50,082,000. Geode Capital Management LLC increased 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 buying an additional 856,476 shares during the last quarter. GW&K Investment Management LLC increased its holdings in Mechanics Bancorp by 36.2% during the fourth quarter. GW&K Investment Management LLC now owns 1,233,288 shares of the company’s stock worth $18,043,000 after buying an additional 327,908 shares during the last quarter. Miracle Mile Advisors LLC purchased a new stake in Mechanics Bancorp during the third quarter worth about $14,851,000. Finally, Mendon Capital Advisors Corp purchased a new stake in Mechanics Bancorp during the third quarter worth about $14,043,000. Hedge funds and other institutional investors own 74.71% of the company’s stock.

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.