Mechanics Bancorp (NASDAQ:MCHB) Stock Moved Down to Strong Sell by Wall Street Zen

Wall Street Zen lowered shares of Mechanics Bancorp (NASDAQ:MCHB) from a sell rating to a strong sell rating in a research note released on Saturday,Wall Street Zen reports.

Other equities research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods cut their price target on Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating for the company in a research note on Thursday, November 5th. Weiss Ratings upgraded shares of Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, November 9th. Cantor Fitzgerald dropped their price objective on shares of Mechanics Bancorp from $17.00 to $16.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 3rd. Zacks Research cut shares of Mechanics Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, October 30th. Finally, Stephens started coverage on shares of Mechanics Bancorp in a research report on Friday, September 18th. They set an “equal weight” rating and a $17.00 price objective for the company. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $16.50.

Mechanics Bancorp Stock Performance

Mechanics Bancorp stock traded up $0.02 during mid-day trading on Friday, reaching $14.40. 257,555 shares of the company were exchanged, compared to its average volume of 578,022. Mechanics Bancorp has a twelve month low of $13.02 and a twelve month high of $17.38. The firm’s 50-day simple moving average is $14.90 and its two-hundred day simple moving average is $15.24. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.75. The firm has a market cap of $3.19 billion, a PE ratio of 12.20 and a beta of 1.41.

Mechanics Bancorp Cuts Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 6.9%. This is a drop from Mechanics Bancorp’s previous quarterly dividend of $0.70. Mechanics Bancorp’s payout ratio is 84.75%.

Institutional Trading of Mechanics Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Entropy Technologies LP purchased a new stake in Mechanics Bancorp during the third quarter worth about $341,000. Pathstone Holdings LLC purchased a new position in Mechanics Bancorp in the 3rd quarter valued at approximately $462,000. Empowered Funds LLC purchased a new stake in Mechanics Bancorp during the third quarter worth $263,000. Global Retirement Partners LLC purchased a new stake in Mechanics Bancorp during the third quarter worth $27,000. Finally, Kestra Investment Management LLC acquired a new stake in Mechanics Bancorp in the third quarter valued at $402,000. Institutional investors and hedge funds own 74.71% of the company’s stock.

Mechanics Bancorp Company Profile

Mechanics Bancorp is a bank holding company whose principal subsidiary, Mechanics Bank, provides consumer and commercial banking services. Its offerings include checking and savings accounts, loans, cash-management services and online banking. Mechanics Bank traces its history to 1905, when it was established in Richmond, California. The bank serves individuals, businesses and communities across California through its branch network and digital services.