UBS Group AG Has $2.73 Million Stock Holdings in 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 13F filing with the Securities and Exchange Commission (SEC). The fund owned 186,869 shares of the company’s stock after purchasing an additional 129,118 shares during the quarter. UBS Group AG’s holdings in Mechanics Bancorp were worth $2,734,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MCHB. Mechanics Bank Trust Department acquired a new stake in Mechanics Bancorp during the 4th quarter valued at $50,082,000. Mendon Capital Advisors Corp acquired a new stake in Mechanics Bancorp during the 3rd quarter valued at $14,043,000. Maltese Capital Management LLC acquired a new stake in Mechanics Bancorp during the 3rd quarter valued at $13,498,000. Vanguard Group Inc. acquired a new stake in Mechanics Bancorp during the 3rd quarter valued at $13,128,000. Finally, GW&K Investment Management LLC acquired a new stake in Mechanics Bancorp during the 3rd quarter valued at $12,051,000. Institutional investors and hedge funds own 74.71% of the company’s stock.

Mechanics Bancorp Price Performance

MCHB opened at $14.15 on Tuesday. Mechanics Bancorp has a fifty-two week low of $11.83 and a fifty-two week high of $16.03. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market capitalization of $3.13 billion, a P/E ratio of 18.87 and a beta of 1.42. The stock has a fifty day moving average of $14.80 and a 200-day moving average of $14.68.

Mechanics Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd will be issued a dividend of $0.70 per share. This is an increase 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 19.8%. The ex-dividend date of this dividend is Friday, May 22nd. Mechanics Bancorp’s payout ratio is 213.33%.

Wall Street Analysts Forecast Growth

MCHB has been the subject of several research reports. Keefe, Bruyette & Woods cut their price target on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a report on Monday, May 4th. Cantor Fitzgerald initiated coverage on Mechanics Bancorp in a report on Friday, April 10th. They set an “overweight” rating and a $17.00 price target for the company. Finally, Weiss Ratings downgraded Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, May 11th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.25.

Mechanics Bancorp 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.