Mechanics Bancorp (NASDAQ:MCHB – Get Free Report) has earned a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $16.6250.
Several analysts recently commented on MCHB shares. Zacks Research raised Mechanics Bancorp to a “hold” rating in a report on Monday, June 1st. Cantor Fitzgerald assumed coverage on Mechanics Bancorp in a research report on Friday, April 10th. They set an “overweight” rating and a $17.00 target price on the stock. Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a research report on Thursday, May 28th. Weiss Ratings upgraded Mechanics Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 4th. Finally, Keefe, Bruyette & Woods lowered their target price on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research report on Monday, May 4th.
Check Out Our Latest Report on Mechanics Bancorp
Mechanics Bancorp Stock Performance
Mechanics Bancorp Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 17.5%. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio (DPR) is presently 373.33%.
Hedge Funds Weigh In On Mechanics Bancorp
Several large investors have recently made changes to their positions in the business. Bank of America Corp DE purchased a new position in shares of Mechanics Bancorp in the first quarter valued at about $1,662,000. California State Teachers Retirement System purchased a new position in shares of Mechanics Bancorp in the first quarter valued at about $39,000. Royal Bank of Canada purchased a new position in shares of Mechanics Bancorp in the first quarter valued at about $76,000. The Manufacturers Life Insurance Company lifted its position in shares of Mechanics Bancorp by 48.3% in the first quarter. The Manufacturers Life Insurance Company now owns 26,088 shares of the company’s stock valued at $385,000 after acquiring an additional 8,494 shares in the last quarter. Finally, Quantinno Capital Management LP purchased a new position in shares of Mechanics Bancorp in the first quarter valued at about $813,000. 74.71% of the stock is currently owned by hedge funds and other institutional investors.
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.
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