Brokerages Set Mechanics Bancorp (NASDAQ:MCHB) Price Target at $16.62

Mechanics Bancorp (NASDAQ:MCHB) has been assigned an average rating of “Moderate Buy” from the five research firms that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $16.6250.

A number of equities research analysts have weighed in on the stock. Zacks Research upgraded shares of Mechanics Bancorp to a “hold” rating in a research note on Monday, June 1st. Raymond James Financial initiated coverage on shares of Mechanics Bancorp in a research note on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price objective for the company. Stifel Nicolaus set a $17.00 target price on shares of Mechanics Bancorp in a research report on Thursday, May 28th. Keefe, Bruyette & Woods lowered their target price on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research note on Monday, May 4th. Finally, Cantor Fitzgerald began coverage on shares of Mechanics Bancorp in a research report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price target for the company.

Mechanics Bancorp Stock Performance

Shares of Mechanics Bancorp stock opened at $16.28 on Friday. The company’s fifty day simple moving average is $15.20 and its 200-day simple moving average is $15.00. The company has a market cap of $3.60 billion, a price-to-earnings ratio of 21.71 and a beta of 1.41. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.05. Mechanics Bancorp has a 1 year low of $12.46 and a 1 year high of $16.68.

Mechanics Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Investors of record on Saturday, May 23rd were paid a $0.70 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.80 annualized dividend and a yield of 17.2%. This is a positive change from Mechanics Bancorp’s previous quarterly dividend of $0.40. Mechanics Bancorp’s payout ratio is presently 373.33%.

Institutional Trading of Mechanics Bancorp

Large investors have recently bought and sold shares of the stock. Rhumbline Advisers acquired a new position in Mechanics Bancorp during the third quarter worth $355,000. JPMorgan Chase & Co. acquired a new stake in shares of Mechanics Bancorp in the third quarter valued at $118,000. Vanguard Group Inc. bought a new position in shares of Mechanics Bancorp in the third quarter valued at about $13,128,000. Victory Capital Management Inc. bought a new position in shares of Mechanics Bancorp in the third quarter valued at about $322,000. Finally, Dimensional Fund Advisors LP acquired a new position in Mechanics Bancorp during the 3rd quarter worth about $9,557,000. 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.