Mechanics Bancorp (NASDAQ:MCHB) Earns Equal Weight Rating from Analysts at Stephens

Stephens started coverage on shares of Mechanics Bancorp (NASDAQ:MCHB) in a research note published on Friday, Marketbeat reports. The firm issued an equal weight rating and a $17.00 target price on the stock.

A number of other equities analysts also recently issued reports on the company. Stifel Nicolaus set a $17.00 price target on Mechanics Bancorp in a research report on Thursday, May 28th. Keefe, Bruyette & Woods raised their price objective on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Zacks Research raised Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Finally, Raymond James Financial initiated coverage on Mechanics Bancorp in a research note on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.10.

Mechanics Bancorp Price Performance

Shares of MCHB opened at $15.40 on Friday. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 12.52 and a beta of 1.39. Mechanics Bancorp has a twelve month low of $12.82 and a twelve month high of $17.38. 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 company has a 50 day moving average of $16.16 and a two-hundred day moving average of $15.38.

Mechanics Bancorp Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders 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 dividend on an annualized basis and a yield of 6.5%. Mechanics Bancorp’s dividend payout ratio is presently 81.30%.

Institutional Investors Weigh In On Mechanics Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its holdings in shares of Mechanics Bancorp by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company’s stock valued at $16,201,000 after buying an additional 13,648 shares during the last quarter. CenterBook Partners LP raised its stake in Mechanics Bancorp by 688.1% in the 4th quarter. CenterBook Partners LP now owns 850,570 shares of the company’s stock worth $12,444,000 after acquiring an additional 742,641 shares during the last quarter. Sculptor Capital LP purchased a new position in Mechanics Bancorp in the 1st quarter worth $7,563,000. Mendon Capital Advisors Corp acquired a new stake in Mechanics Bancorp during the 1st quarter worth about $5,127,000. Finally, Pinnacle Holdings LLC acquired a new stake in Mechanics Bancorp during the 2nd quarter worth about $4,028,000. 74.71% of the stock is currently owned by institutional investors and hedge funds.

Mechanics Bancorp Company Profile

Mechanics Bancorp, Inc is the bank holding company for Mechanics Bank, a community-focused financial institution headquartered in Mansfield, Ohio. Through its banking subsidiary, the company serves individuals, families, businesses and organizations in north-central Ohio.

Mechanics Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgage loans, commercial real estate financing, business loans, construction lending and consumer credit.