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

by · The Markets Daily

Mechanics Bancorp (NASDAQ:MCHB – Free Report) had its price objective decreased by Cantor Fitzgerald from $17.00 to $16.00 in a report issued on Tuesday,Benzinga reports. Cantor Fitzgerald currently has an overweight rating on the stock.

A number of other brokerages have also issued reports on MCHB. 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 target price for the company. Weiss Ratings cut shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 9th. Wall Street Zen downgraded shares of Mechanics Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, October 31st. Keefe, Bruyette & Woods upped 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. Finally, Zacks Research lowered Mechanics Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, October 30th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $16.50.

Check Out Our Latest Research Report on Mechanics Bancorp

Mechanics Bancorp Stock Performance

Shares of MCHB opened at $14.65 on Tuesday. The company has a market capitalization of $3.24 billion, a PE ratio of 10.81 and a beta of 1.41. 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 company’s 50 day moving average price is $15.04 and its 200 day moving average price is $15.24. Mechanics Bancorp has a 52 week low of $13.02 and a 52 week high of $17.38.

Mechanics Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Saturday, August 29th were given a $0.25 dividend. This is a negative change from Mechanics Bancorp’s previous quarterly dividend of $0.70. This represents a $1.00 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend was Friday, August 28th. Mechanics Bancorp’s payout ratio is presently 84.75%.

Institutional Inflows and Outflows

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

Mechanics Bancorp Company Profile

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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.

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