Mechanics Bancorp (MCHB) – What Are Analysts Saying About This Stock?

Shares of Mechanics Bancorp (NASDAQ:MCHB) have earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $17.10.

A number of research firms have recently weighed in on MCHB. Keefe, Bruyette & Woods increased their target price on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a report on Wednesday, August 5th. Weiss Ratings cut shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 9th. Stephens began coverage on shares of Mechanics Bancorp in a report on Friday, September 18th. They set an “equal weight” rating and a $17.00 target price for the company. Finally, Cantor Fitzgerald dropped their price target on shares of Mechanics Bancorp from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System purchased a new stake in Mechanics Bancorp in the first quarter worth approximately $39,000. Fifth Third Bancorp bought a new position in Mechanics Bancorp in the first quarter valued at about $39,000. Assetmark Inc. bought a new position in shares of Mechanics Bancorp in the 1st quarter worth approximately $51,000. Royal Bank of Canada purchased a new position in shares of Mechanics Bancorp during the 1st quarter worth $76,000. Finally, State of Alaska Department of Revenue purchased a new position in Mechanics Bancorp during the third quarter valued at $130,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

Mechanics Bancorp Stock Performance

Shares of MCHB stock opened at $15.17 on Friday. The stock has a 50 day moving average price of $15.30 and a two-hundred day moving average price of $15.41. Mechanics Bancorp has a fifty-two week low of $12.91 and a fifty-two week high of $17.38. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $3.36 billion, a P/E ratio of 12.33 and a beta of 1.44.

Mechanics Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Saturday, August 29th were given a $0.25 dividend. This is a negative change 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 6.6%. Mechanics Bancorp’s payout ratio is presently 81.30%.

Mechanics Bancorp Company Profile

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.