Mechanics Bancorp Down After $0.70 Dividend Becomes Effective
Mechanics Bancorp shares slid Friday after the stock went ex-dividend for a $0.70 cash payout. The move lines up with a typical dividend adjustment, rather than signalling any new warning from the company. Class A shares last traded at $14.30, down 4.41%. StockAnalysis listed May 22 as the ex-dividend date. Ex-dividend day matters now because that’s when new buyers lose the right to the most recent payout, and stocks usually drop at the open by about the dividend value. Mechanics said earlier this month it plans to pay $0.70 a share for Class A and $7.00 for Class B on May 28. The record date is May 23 after the close.