Odyssean LLC Invests $718,000 in Mechanics Bancorp $MCHB

Odyssean LLC acquired a new position in Mechanics Bancorp (NASDAQ:MCHB) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 45,188 shares of the company’s stock, valued at approximately $718,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinnacle Holdings LLC bought a new stake in shares of Mechanics Bancorp in the 2nd quarter valued at about $4,028,000. Bank of America Corp DE bought a new position in shares of Mechanics Bancorp during the first quarter worth about $1,662,000. California State Teachers Retirement System bought a new position in shares of Mechanics Bancorp during the first quarter worth about $39,000. Royal Bank of Canada acquired a new position in shares of Mechanics Bancorp in the first quarter worth approximately $76,000. Finally, The Manufacturers Life Insurance Company lifted its stake 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 worth $385,000 after acquiring an additional 8,494 shares during the period. 74.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Zacks Research raised shares of Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Raymond James Financial began coverage on shares of Mechanics Bancorp in a research report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price target on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a research note on Wednesday, August 5th. Stifel Nicolaus set a $17.00 price objective on shares of Mechanics Bancorp in a research report on Thursday, May 28th. Finally, Weiss Ratings raised shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.12.

Mechanics Bancorp Stock Performance

NASDAQ MCHB opened at $16.05 on Thursday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.05. The company has a fifty day simple moving average of $16.20 and a 200 day simple moving average of $15.33. The company has a market cap of $3.55 billion, a P/E ratio of 13.05 and a beta of 1.41. Mechanics Bancorp has a 12-month low of $12.52 and a 12-month high of $17.38.

Mechanics Bancorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Saturday, August 29th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date of this dividend is Friday, August 28th. Mechanics Bancorp’s payout ratio is currently 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.