Mechanics Bancorp (NASDAQ:MCHB) Stock Has Average Price Target of $17.10

Shares of Mechanics Bancorp (NASDAQ:MCHB) have received an average recommendation of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $17.10.

MCHB has been the topic of a number of recent research reports. Cantor Fitzgerald reduced their target price on shares of Mechanics Bancorp from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, October 14th. Weiss Ratings downgraded Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Stephens assumed coverage on shares of Mechanics Bancorp in a research report on Friday, September 18th. They issued an “equal weight” rating and a $17.00 target price on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a report on Wednesday, August 5th. Finally, Wall Street Zen downgraded Mechanics Bancorp from a “hold” rating to a “sell” rating in a report on Saturday.

Institutional Investors Weigh In On Mechanics Bancorp

Several large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its position in Mechanics Bancorp by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company’s stock worth $16,201,000 after purchasing an additional 13,648 shares during the period. Sculptor Capital LP purchased a new position in Mechanics Bancorp in the 1st quarter worth approximately $7,563,000. Mendon Capital Advisors Corp purchased a new position in shares of Mechanics Bancorp in the first quarter valued at $5,127,000. Pinnacle Holdings LLC acquired a new stake in Mechanics Bancorp during the 2nd quarter valued at $4,028,000. Finally, Bank of America Corp DE purchased a new stake in shares of Mechanics Bancorp during the first quarter worth about $1,662,000. Institutional investors and hedge funds own 74.71% of the company’s stock.

Mechanics Bancorp Price Performance

Shares of NASDAQ:MCHB opened at $14.64 on Friday. Mechanics Bancorp has a one year low of $12.91 and a one year high of $17.38. The stock has a market cap of $3.24 billion, a PE ratio of 12.41 and a beta of 1.44. The business’s fifty day moving average price is $15.14 and its two-hundred day moving average price is $15.24. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.78.

Mechanics Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Saturday, August 29th were given a dividend of $0.25 per share. This is a drop from Mechanics Bancorp’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, August 28th. This represents a $1.00 dividend on an annualized basis and a yield of 6.8%. Mechanics Bancorp’s dividend payout ratio is currently 84.75%.

About Mechanics Bancorp

Mechanics Bancorp, Inc is the bank holding company for Mechanics Bank, a community banking institution headquartered in Mansfield, Ohio. Through its banking subsidiary, the company serves individuals, families, small businesses and commercial customers in communities across north-central Ohio.

Mechanics Bank provides traditional banking products and services, including deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury management and online and mobile banking.