Mechanics Bancorp (NASDAQ:MCHB) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen downgraded shares of Mechanics Bancorp (NASDAQ:MCHB) from a hold rating to a sell rating in a research note published on Saturday morning,Wall Street Zen reports.

Other analysts have also recently issued research reports about the stock. Cantor Fitzgerald cut their target price on shares of Mechanics Bancorp from $18.00 to $17.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Stephens initiated coverage on Mechanics Bancorp in a report on Friday, September 18th. They set an “equal weight” rating and a $17.00 target price on the stock. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Finally, Keefe, Bruyette & Woods increased their price target on Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a report on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.10.

Mechanics Bancorp Trading Down 0.2%

Shares of MCHB stock opened at $14.64 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 12.41 and a beta of 1.44. The stock has a 50 day simple moving average of $15.14 and a 200-day simple moving average of $15.24. Mechanics Bancorp has a 1-year low of $12.91 and a 1-year high of $17.38.

Mechanics Bancorp Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Saturday, August 29th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, August 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.8%. This is a decrease from Mechanics Bancorp’s previous quarterly dividend of $0.70. Mechanics Bancorp’s payout ratio is 84.75%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its holdings in Mechanics Bancorp by 1.3% in the 1st quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company’s stock valued at $16,201,000 after buying an additional 13,648 shares during the period. Sculptor Capital LP acquired a new position in Mechanics Bancorp in the first quarter valued at about $7,563,000. Mendon Capital Advisors Corp purchased a new position in Mechanics Bancorp during the first quarter worth about $5,127,000. Pinnacle Holdings LLC purchased a new position in Mechanics Bancorp during the second quarter worth about $4,028,000. Finally, Bank of America Corp DE purchased a new position in Mechanics Bancorp during the first quarter worth about $1,662,000. 74.71% of the stock is currently owned by institutional investors and hedge funds.

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.