UBS Group AG Acquires 129,118 Shares of Mechanics Bancorp $MCHB

UBS Group AG raised its holdings in shares of Mechanics Bancorp (NASDAQ:MCHB) by 223.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 186,869 shares of the company’s stock after acquiring an additional 129,118 shares during the quarter. UBS Group AG owned approximately 0.08% of Mechanics Bancorp worth $2,734,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Comerica Bank bought a new position in shares of Mechanics Bancorp during the 3rd quarter worth approximately $34,000. AlphaQuest LLC bought a new position in shares of Mechanics Bancorp during the 3rd quarter worth approximately $45,000. BNP Paribas Financial Markets bought a new position in shares of Mechanics Bancorp during the 3rd quarter worth approximately $48,000. Covestor Ltd bought a new position in shares of Mechanics Bancorp during the 3rd quarter worth approximately $60,000. Finally, Bank of America Corp DE bought a new position in shares of Mechanics Bancorp during the 3rd quarter worth approximately $98,000. 74.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Weiss Ratings cut shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, May 11th. Cantor Fitzgerald assumed coverage on shares of Mechanics Bancorp in a research note on Friday, April 10th. They issued an “overweight” rating and a $17.00 target price for the company. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a research note on Monday, May 4th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $16.25.

Mechanics Bancorp Price Performance

NASDAQ:MCHB opened at $14.15 on Tuesday. Mechanics Bancorp has a 1-year low of $11.83 and a 1-year high of $16.03. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. The firm has a fifty day simple moving average of $14.80 and a 200 day simple moving average of $14.68. The stock has a market capitalization of $3.13 billion, a PE ratio of 18.87 and a beta of 1.42.

Mechanics Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 28th. Investors of record on Saturday, May 23rd will be paid a $0.70 dividend. 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 19.8%. The ex-dividend date of this dividend is Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio (DPR) is 213.33%.

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.