Mechanics Bancorp (NASDAQ:MCHB) Hits New 52-Week High – Should You Buy?

Mechanics Bancorp (NASDAQ:MCHB) shares reached a new 52-week high on Wednesday . The stock traded as high as $16.14 and last traded at $16.0690, with a volume of 33479 shares traded. The stock had previously closed at $15.90.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Cantor Fitzgerald began coverage on Mechanics Bancorp in a report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price objective on the stock. Weiss Ratings raised Mechanics Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, June 4th. Keefe, Bruyette & Woods decreased their target price on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research report on Monday, May 4th. Stifel Nicolaus set a $17.00 price target on Mechanics Bancorp in a research note on Thursday, May 28th. Finally, Raymond James Financial started coverage on Mechanics Bancorp in a research report on Thursday, May 28th. They set an “outperform” rating and a $17.00 price target for the company. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $16.62.

Mechanics Bancorp Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80. The stock has a 50 day simple moving average of $14.99 and a two-hundred day simple moving average of $14.86. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 21.55 and a beta of 1.41.

Mechanics Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 28th. Stockholders of record on Saturday, May 23rd were issued a dividend of $0.70 per share. The ex-dividend date was Friday, May 22nd. This represents a $2.80 annualized dividend and a dividend yield of 17.3%. This is a boost from Mechanics Bancorp’s previous quarterly dividend of $0.40. Mechanics Bancorp’s payout ratio is presently 373.33%.

Institutional Investors Weigh In On Mechanics Bancorp

Hedge funds have recently modified their holdings of the company. Mechanics Bank Trust Department acquired a new position in Mechanics Bancorp in the 4th quarter valued at about $50,082,000. Mendon Capital Advisors Corp purchased a new stake in shares of Mechanics Bancorp in the 3rd quarter valued at approximately $14,043,000. Maltese Capital Management LLC acquired a new stake in shares of Mechanics Bancorp during the 3rd quarter worth approximately $13,498,000. Vanguard Group Inc. acquired a new stake in shares of Mechanics Bancorp during the 3rd quarter worth approximately $13,128,000. Finally, GW&K Investment Management LLC purchased a new stake in shares of Mechanics Bancorp during the 3rd quarter valued at approximately $12,051,000. Hedge funds and other institutional investors own 74.71% of the company’s stock.

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.