347,614 Shares in Mechanics Bancorp $MCHB Purchased by Mendon Capital Advisors Corp

Mendon Capital Advisors Corp bought a new stake in Mechanics Bancorp (NASDAQ:MCHB) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 347,614 shares of the company’s stock, valued at approximately $5,127,000. Mechanics Bancorp makes up about 1.5% of Mendon Capital Advisors Corp’s holdings, making the stock its 25th largest holding.

Several other large investors have also recently bought and sold shares of MCHB. Waverly Advisors LLC bought a new stake in shares of Mechanics Bancorp during the 1st quarter worth about $1,302,000. Assetmark Inc. acquired a new stake in shares of Mechanics Bancorp in the 1st quarter worth approximately $51,000. Bank of New York Mellon Corp boosted its holdings in shares of 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 in the last quarter. Fifth Third Bancorp bought a new position in shares of Mechanics Bancorp in the first quarter valued at approximately $39,000. Finally, SG Americas Securities LLC increased its stake in shares of Mechanics Bancorp by 48.3% during the first quarter. SG Americas Securities LLC now owns 18,729 shares of the company’s stock valued at $276,000 after acquiring an additional 6,100 shares during the period. Institutional investors and hedge funds own 74.71% of the company’s stock.

Wall Street Analysts Forecast Growth

MCHB has been the topic of several recent analyst reports. Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a report on Thursday, May 28th. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday. Raymond James Financial began coverage on Mechanics Bancorp in a research report on Thursday, May 28th. They set an “outperform” rating and a $17.00 price target on the stock. Zacks Research raised Mechanics Bancorp to a “hold” rating in a research note on Monday, June 1st. Finally, 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 for the company. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.62.

Mechanics Bancorp Stock Performance

NASDAQ MCHB opened at $15.68 on Monday. Mechanics Bancorp has a twelve month low of $12.46 and a twelve month high of $16.68. 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 stock has a market cap of $3.47 billion, a price-to-earnings ratio of 20.91 and a beta of 1.41. The firm’s 50 day moving average price is $15.35 and its two-hundred day moving average price is $15.05.

Mechanics Bancorp Increases Dividend

The firm 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. This is a positive change 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 17.9%. The ex-dividend date was Friday, May 22nd. Mechanics Bancorp’s dividend payout ratio is presently 373.33%.

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.