Mechanics Bancorp $MCHB Stock Position Decreased by CenterBook Partners LP

Key Points

• CenterBook Partners cut its Mechanics Bancorp position by 39.4% in the third quarter, selling 110,671 shares; it retained 170,497 shares valued at about $2.52 million.
• Analyst views were mixed, with a consensus “Hold” rating and an average price target of $16.50. Institutional investors collectively owned 74.71% of the stock.
• Mechanics Bancorp reduced its quarterly dividend from $0.70 to $0.25 per share, equivalent to an annualized dividend of $1.00 and a reported yield of 6.8%.

CenterBook Partners LP lowered its position in Mechanics Bancorp (NASDAQ:MCHB - Free Report) by 39.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,497 shares of the company's stock after selling 110,671 shares during the period. CenterBook Partners LP owned approximately 0.08% of Mechanics Bancorp worth $2,520,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Sculptor Capital LP acquired a new position in Mechanics Bancorp during the first quarter worth $7,563,000. Mendon Capital Advisors Corp acquired a new stake in Mechanics Bancorp in the first quarter valued at $5,127,000. Pinnacle Holdings LLC acquired a new stake in Mechanics Bancorp in the second quarter valued at $4,028,000. Bank of America Corp DE acquired a new stake in Mechanics Bancorp in the first quarter valued at $1,662,000. Finally, Waverly Advisors LLC purchased a new position in shares of Mechanics Bancorp in the first quarter valued at $1,302,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Zacks Research downgraded Mechanics Bancorp from a "hold" rating to a "strong sell" rating in a research note on Friday, October 30th. Weiss Ratings lowered shares of Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 9th. Cantor Fitzgerald lowered 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. Wall Street Zen downgraded shares of Mechanics Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, October 31st. Finally, Stephens started coverage on shares of Mechanics Bancorp in a report on Friday, September 18th. They set an "equal weight" rating and a $17.00 target price for the company. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $16.50.

Mechanics Bancorp Stock Performance

Shares of Mechanics Bancorp stock opened at $14.72 on Monday. Mechanics Bancorp has a 1 year low of $13.02 and a 1 year high of $17.38. 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 business has a 50 day moving average price of $15.01 and a 200 day moving average price of $15.25. The company has a market capitalization of $3.26 billion, a P/E ratio of 12.47 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. Shareholders of record on Saturday, August 29th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 28th. 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%. Mechanics Bancorp's dividend payout ratio (DPR) is 84.75%.

About Mechanics Bancorp

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.

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