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

Mechanics Bancorp (NASDAQ:MCHB) has been assigned an average rating of “Moderate Buy” from the six brokerages that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among brokers that have covered the stock in the last year is $17.10.

MCHB has been the subject of a number of analyst reports. Stephens assumed coverage on shares of Mechanics Bancorp in a research note on Friday, September 18th. They set an “equal weight” rating and a $17.00 price objective for the company. Weiss Ratings raised shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, 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 research report on Wednesday, August 5th.

Hedge Funds Weigh In On Mechanics Bancorp

Institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System purchased a new stake in shares of Mechanics Bancorp during the 1st quarter worth approximately $39,000. Fifth Third Bancorp bought a new position in shares of Mechanics Bancorp in the first quarter worth about $39,000. Assetmark Inc. purchased a new position in shares of Mechanics Bancorp during the first quarter worth approximately $51,000. Royal Bank of Canada purchased a new stake in shares of Mechanics Bancorp in the 1st quarter worth $76,000. Finally, SG Americas Securities LLC raised its holdings in shares of Mechanics Bancorp by 48.3% in the first quarter. SG Americas Securities LLC now owns 18,729 shares of the company’s stock valued at $276,000 after acquiring an additional 6,100 shares in the last quarter. 74.71% of the stock is owned by hedge funds and other institutional investors.

Mechanics Bancorp Stock Performance

Shares of Mechanics Bancorp stock opened at $14.90 on Wednesday. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 12.11 and a beta of 1.44. The firm’s 50-day moving average is $15.94 and its 200 day moving average is $15.41. Mechanics Bancorp has a 1 year low of $12.82 and a 1 year high of $17.38. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.78 and a quick ratio of 0.78.

Mechanics Bancorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Saturday, August 29th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 6.7%. This is a decrease from Mechanics Bancorp’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend was Friday, August 28th. Mechanics Bancorp’s dividend payout ratio is 81.30%.

About Mechanics Bancorp

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.