Mechanics Bancorp (NASDAQ:MCHB) Given New $17.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered Mechanics Bancorp’s price target from $18.00 to $17.00 while maintaining an “overweight” rating, implying approximately 19.47% upside from the prior close.
• Analyst sentiment remains favorable overall, with three Buy and three Hold ratings producing a “Moderate Buy” consensus and an average price target of $17.10.
• Mechanics Bancorp shares opened at $14.23, below their 50-day and 200-day moving averages, while institutional investors and hedge funds own 74.71% of the company.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) had its target price decreased by stock analysts at Cantor Fitzgerald from $18.00 to $17.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's price target would indicate a potential upside of 19.47% from the stock's previous close.

Several other equities research analysts also recently commented on MCHB. Weiss Ratings downgraded shares of Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday. Keefe, Bruyette & Woods lifted their price objective on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a "market perform" rating in a research report on Wednesday, August 5th. 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 on the stock. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Mechanics Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $17.10.

Mechanics Bancorp Stock Performance

Shares of MCHB opened at $14.23 on Wednesday. The company has a 50-day moving average of $15.67 and a two-hundred day moving average of $15.42. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 11.06 and a beta of 1.44. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.78 and a quick ratio of 0.78. Mechanics Bancorp has a one year low of $12.82 and a one year high of $17.38.

Hedge Funds Weigh In On Mechanics Bancorp

A number of large investors have recently made changes to their positions in MCHB. Farther Finance Advisors LLC grew its position in Mechanics Bancorp by 10.5% during the third quarter. Farther Finance Advisors LLC now owns 35,139 shares of the company's stock valued at $519,000 after purchasing an additional 3,338 shares in the last quarter. Baird Financial Group Inc. lifted its position in Mechanics Bancorp by 16.8% in the 2nd quarter. Baird Financial Group Inc. now owns 17,403 shares of the company's stock worth $277,000 after buying an additional 2,500 shares in the last quarter. Waverly Advisors LLC lifted its position in Mechanics Bancorp by 7.3% in the 2nd quarter. Waverly Advisors LLC now owns 94,733 shares of the company's stock worth $1,506,000 after buying an additional 6,466 shares in the last quarter. Odyssean LLC purchased a new stake in Mechanics Bancorp in the 2nd quarter worth approximately $718,000. Finally, Pinnacle Holdings LLC acquired a new stake in shares of Mechanics Bancorp during the 2nd quarter valued at $4,028,000. Institutional investors and hedge funds own 74.71% of the company's stock.

About Mechanics Bancorp

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.

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