Mechanics Bancorp (NASDAQ:MCHB) Stock Price Target Lowered at Keefe, Bruyette & Woods

Mechanics Bancorp (NASDAQ:MCHB) had its target price cut by Keefe, Bruyette & Woods from $16.00 to $15.50 in a research note published on Thursday,Benzinga reports. They currently have a market perform rating on the stock.

MCHB has been the subject of a number of other research reports. Weiss Ratings cut Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Cantor Fitzgerald reduced their price target on shares of Mechanics Bancorp from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Tuesday. Wall Street Zen downgraded Mechanics Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Stephens initiated coverage on Mechanics Bancorp in a research report on Friday, September 18th. They issued an “equal weight” rating and a $17.00 price objective on the stock. Finally, Zacks Research cut Mechanics Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, October 30th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Mechanics Bancorp currently has an average rating of “Hold” and an average price target of $16.50.

Mechanics Bancorp Price Performance

MCHB stock opened at $14.65 on Thursday. The firm has a 50 day moving average of $15.04 and a 200-day moving average of $15.24. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 12.42 and a beta of 1.41. 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 12-month low of $13.02 and a 12-month high of $17.38.

Mechanics Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Saturday, August 29th were given a $0.25 dividend. 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. This represents a $1.00 annualized dividend and a dividend yield of 6.8%. Mechanics Bancorp’s dividend payout ratio is 84.75%.

Institutional Trading of Mechanics Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Baird Financial Group Inc. lifted its holdings in shares of Mechanics Bancorp by 16.8% during the 2nd 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 in the last quarter. California State Teachers Retirement System acquired a new stake in shares of Mechanics Bancorp in the first quarter valued at about $39,000. Fifth Third Bancorp acquired a new position in Mechanics Bancorp during the 1st quarter worth approximately $39,000. Covestor Ltd lifted its position in Mechanics Bancorp by 67.7% during the 3rd quarter. Covestor Ltd now owns 7,595 shares of the company’s stock worth $112,000 after acquiring an additional 3,065 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in Mechanics Bancorp by 10.5% in the third quarter. Farther Finance Advisors LLC now owns 35,139 shares of the company’s stock valued at $519,000 after acquiring an additional 3,338 shares in the last quarter. Institutional investors and hedge funds own 74.71% of the company’s stock.

About Mechanics Bancorp

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.