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

Mechanics Bancorp (NASDAQ:MCHB) has received a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat reports. Three 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 updated their coverage on the stock in the last year is $17.10.

Several brokerages have recently commented on MCHB. Keefe, Bruyette & Woods upped their price target on Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a research note on Wednesday, August 5th. Stephens started coverage on shares of Mechanics Bancorp in a report on Friday, September 18th. They issued an “equal weight” rating and a $17.00 price objective on the stock. Finally, 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.

Hedge Funds Weigh In On Mechanics Bancorp

Several large investors have recently made changes to their positions in the stock. Baird Financial Group Inc. raised its position in Mechanics Bancorp by 16.8% in the second quarter. Baird Financial Group Inc. now owns 17,403 shares of the company’s stock valued at $277,000 after purchasing an additional 2,500 shares during the period. Waverly Advisors LLC grew its stake in shares of Mechanics Bancorp by 7.3% in the second quarter. Waverly Advisors LLC now owns 94,733 shares of the company’s stock valued at $1,506,000 after buying an additional 6,466 shares in the last quarter. Odyssean LLC acquired a new stake in shares of Mechanics Bancorp in the second quarter valued at $718,000. Pinnacle Holdings LLC purchased a new stake in shares of Mechanics Bancorp in the 2nd quarter valued at $4,028,000. Finally, Bank of America Corp DE acquired a new position in Mechanics Bancorp during the 1st quarter worth about $1,662,000. 74.71% of the stock is currently owned by institutional investors and hedge funds.

Mechanics Bancorp Price Performance

MCHB stock opened at $14.90 on Wednesday. The business has a fifty day moving average of $15.94 and a two-hundred day moving average of $15.41. 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 stock has a market cap of $3.30 billion, a price-to-earnings ratio of 12.11 and a beta of 1.44. Mechanics Bancorp has a 52-week low of $12.82 and a 52-week high of $17.38.

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 paid a $0.25 dividend. This is a negative change 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 dividend on an annualized basis and a dividend yield of 6.7%. Mechanics Bancorp’s payout ratio is presently 81.30%.

Mechanics Bancorp Company Profile

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.