Mechanics Bancorp (NASDAQ:MCHB) Sets New 52-Week High – Here’s Why

Mechanics Bancorp (NASDAQ:MCHB)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $16.57 and last traded at $16.5750, with a volume of 271948 shares changing hands. The stock had previously closed at $16.14.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods dropped 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 report on Monday, May 4th. Raymond James Financial initiated 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. Stifel Nicolaus set a $17.00 price objective on shares of Mechanics Bancorp in a report on Thursday, May 28th. Weiss Ratings raised shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, July 8th. Finally, Zacks Research raised Mechanics Bancorp to a “hold” rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.62.

Mechanics Bancorp Price Performance

The stock has a fifty day moving average of $15.13 and a 200-day moving average of $14.98. The firm has a market capitalization of $3.67 billion, a P/E ratio of 22.09 and a beta of 1.41. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05.

Mechanics Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 28th. Shareholders of record on Saturday, May 23rd were paid a $0.70 dividend. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. This represents a $2.80 dividend on an annualized basis and a dividend yield of 16.9%. The ex-dividend date of this dividend was Friday, May 22nd. Mechanics Bancorp’s payout ratio is presently 373.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Mechanics Bank Trust Department acquired a new stake in shares of Mechanics Bancorp in the 4th quarter valued at $50,082,000. Geode Capital Management LLC lifted its stake in shares of Mechanics Bancorp by 167.3% during the fourth quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company’s stock valued at $20,024,000 after acquiring an additional 856,476 shares during the period. GW&K Investment Management LLC lifted its stake in shares of 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 valued at $18,043,000 after acquiring an additional 327,908 shares during the period. Bank of New York Mellon Corp boosted its holdings in Mechanics Bancorp by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company’s stock valued at $16,201,000 after acquiring an additional 13,648 shares during the last quarter. Finally, Mendon Capital Advisors Corp bought a new position in Mechanics Bancorp in the third quarter valued at about $14,043,000. 74.71% of the stock is currently owned by 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.