Mechanics Bancorp (NASDAQ:MCHB) Stock Has Consensus Price Target of $17.10 According to Analysts

Mechanics Bancorp (NASDAQ:MCHB) has been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $17.10.

A number of analysts recently issued reports on MCHB shares. 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 raised shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Stephens initiated 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.

Mechanics Bancorp Price Performance

NASDAQ:MCHB opened at $14.89 on Wednesday. Mechanics Bancorp has a 52 week low of $12.82 and a 52 week 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 market capitalization of $3.30 billion, a P/E ratio of 12.11 and a beta of 1.44. The stock’s fifty day moving average is $15.90 and its two-hundred day moving average is $15.42.

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 issued a $0.25 dividend. The ex-dividend date was Friday, August 28th. 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. Mechanics Bancorp’s dividend payout ratio (DPR) is currently 81.30%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System purchased a new stake in shares of Mechanics Bancorp in the 1st quarter valued at $39,000. Fifth Third Bancorp purchased a new position in Mechanics Bancorp during the 1st quarter valued at about $39,000. Assetmark Inc. purchased a new position in Mechanics Bancorp during the 1st quarter valued at about $51,000. Royal Bank of Canada acquired a new position in Mechanics Bancorp in the 1st quarter valued at about $76,000. Finally, Baird Financial Group Inc. grew its position in Mechanics Bancorp by 16.8% in 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. 74.71% of the stock is currently owned by hedge funds and other institutional investors.

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.