Mechanics Bancorp (NASDAQ:MCHB) Stock Gets Price Target Trim from Cantor Fitzgerald

Mechanics Bancorp (NASDAQ:MCHB) had its price objective cut by Cantor Fitzgerald from $18.00 to $17.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target 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. Weiss Ratings lowered shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 9th. Finally, Stephens started coverage on shares of Mechanics Bancorp in a report on Friday, September 18th. They set an “equal weight” rating and a $17.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.10.

Mechanics Bancorp Price Performance

NASDAQ MCHB opened at $14.35 on Wednesday. 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 stock has a market cap of $3.18 billion, a price-to-earnings ratio of 11.03 and a beta of 1.44. The business has a 50 day simple moving average of $15.53 and a 200 day simple moving average of $15.41. Mechanics Bancorp has a 52-week low of $12.82 and a 52-week high of $17.38.

Mechanics Bancorp Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Saturday, August 29th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, August 28th. This represents a $1.00 annualized dividend and a dividend yield of 7.0%. This is a drop from Mechanics Bancorp’s previous quarterly dividend of $0.70. Mechanics Bancorp’s dividend payout ratio (DPR) is presently 81.30%.

Institutional Investors Weigh In On Mechanics Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. Sculptor Capital LP bought a new position in Mechanics Bancorp during the first quarter worth about $7,563,000. Mendon Capital Advisors Corp acquired a new position in Mechanics Bancorp during the first quarter worth approximately $5,127,000. Pinnacle Holdings LLC bought a new stake in Mechanics Bancorp in the second quarter valued at approximately $4,028,000. Bank of America Corp DE bought a new stake in Mechanics Bancorp in the first quarter valued at approximately $1,662,000. Finally, Waverly Advisors LLC bought a new stake in Mechanics Bancorp in the first quarter valued at approximately $1,302,000. 74.71% of the stock is owned by institutional investors.

Mechanics Bancorp Company Profile

Mechanics Bancorp, Inc is a bank holding company headquartered in Mansfield, Ohio. Through its subsidiary, Mechanics Bank, the company provides community banking services to individuals, families, businesses and organizations in north-central Ohio.

Mechanics Bank offers a range of traditional banking products, including checking and savings accounts, certificates of deposit, residential mortgage loans, consumer financing and commercial loans. Its services also include treasury management, online and mobile banking, debit cards and other deposit and payment solutions.

Mechanics Bancorp traces its banking operations to the late 19th century and maintains a local branch network serving communities in and around Richland and neighboring counties.