Odyssean LLC Takes $718,000 Position in Mechanics Bancorp $MCHB

Odyssean LLC purchased a new stake in shares of Mechanics Bancorp (NASDAQ:MCHB) in the second quarter, Holdings Channel reports. The firm purchased 45,188 shares of the company’s stock, valued at approximately $718,000.

Other hedge funds have also bought and sold shares of the company. Sculptor Capital LP bought a new stake in shares of Mechanics Bancorp during the 1st quarter worth $7,563,000. Mendon Capital Advisors Corp purchased a new position in shares of Mechanics Bancorp in the 1st quarter worth about $5,127,000. Pinnacle Holdings LLC bought a new position in Mechanics Bancorp during the second quarter valued at about $4,028,000. Waverly Advisors LLC bought a new position in Mechanics Bancorp during the first quarter valued at about $1,302,000. Finally, Precision Wealth Strategies LLC bought a new position in Mechanics Bancorp during the fourth quarter valued at about $659,000. 74.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MCHB has been the topic of several research reports. 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 objective on the stock. Keefe, Bruyette & Woods increased their target price on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a research report on Wednesday, August 5th. Zacks Research upgraded shares of Mechanics Bancorp to a “hold” rating in a research note on Monday, June 1st. Weiss Ratings raised shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Finally, Stifel Nicolaus set a $17.00 price objective on Mechanics Bancorp in a research note on Thursday, May 28th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.12.

Mechanics Bancorp Price Performance

Shares of NASDAQ:MCHB opened at $16.05 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $3.55 billion, a PE ratio of 13.05 and a beta of 1.41. Mechanics Bancorp has a twelve month low of $12.52 and a twelve month high of $17.38. The company has a 50-day moving average price of $16.20 and a two-hundred day moving average price of $15.33.

Mechanics Bancorp Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Saturday, August 29th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.2%. The ex-dividend date is Friday, August 28th. Mechanics Bancorp’s dividend payout ratio is presently 227.64%.

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.