Mechanics Bancorp (NASDAQ:MCHB) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Mechanics Bancorp (NASDAQ:MCHB) from a hold rating to a sell rating in a research note released on Saturday,Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a research note on Wednesday, August 5th. Cantor Fitzgerald cut their price objective 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. Stephens initiated coverage on shares of Mechanics Bancorp in a research note on Friday, September 18th. They issued an “equal weight” rating and a $17.00 price objective on the stock. Finally, Weiss Ratings lowered shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 9th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Mechanics Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.10.

Mechanics Bancorp Stock Performance

Shares of NASDAQ:MCHB opened at $15.05 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.05. Mechanics Bancorp has a 1-year low of $12.99 and a 1-year high of $17.38. The stock has a market capitalization of $3.33 billion, a P/E ratio of 10.75 and a beta of 1.44. The business has a 50-day moving average price of $15.12 and a two-hundred day moving average price of $15.24.

Mechanics Bancorp Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Saturday, August 29th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 6.6%. This is a decrease from Mechanics Bancorp’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, August 28th. Mechanics Bancorp’s dividend payout ratio (DPR) is 84.75%.

Hedge Funds Weigh In On Mechanics Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in MCHB. Baird Financial Group Inc. grew its stake in Mechanics Bancorp by 16.8% in the second quarter. Baird Financial Group Inc. now owns 17,403 shares of the company’s stock valued at $277,000 after acquiring an additional 2,500 shares during the period. California State Teachers Retirement System acquired a new stake in shares of Mechanics Bancorp during the first quarter worth about $39,000. Fifth Third Bancorp acquired a new stake in shares of Mechanics Bancorp during the first quarter worth about $39,000. Covestor Ltd lifted its holdings in shares of Mechanics Bancorp by 67.7% during the 3rd quarter. Covestor Ltd now owns 7,595 shares of the company’s stock valued at $112,000 after purchasing an additional 3,065 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Mechanics Bancorp by 10.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 35,139 shares of the company’s stock valued at $519,000 after purchasing an additional 3,338 shares during the period. 74.71% of the stock is owned by institutional investors.

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.