Mechanics Bancorp (NASDAQ:MCHB) Now Covered by Analysts at Stephens

Key Points

• Stephens initiated coverage of Mechanics Bancorp with an “equal weight” rating and a $17.00 price target, implying approximately 10.17% upside from the reported price.
• Analyst sentiment is generally positive, with three Buy and three Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $17.10.
• Mechanics Bancorp opened at $15.43, with a $3.42 billion market capitalization and a 52-week trading range of $12.82 to $17.38; institutional investors own 74.71% of the company.

Equities research analysts at Stephens began coverage on shares of Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) in a report issued on Friday, Briefing.com reports. The firm set an "equal weight" rating and a $17.00 price target on the stock. Stephens' price objective indicates a potential upside of 10.17% from the company's current price.

Other research analysts have also issued reports about the stock. Stifel Nicolaus set a $17.00 price objective on shares of Mechanics Bancorp in a research note on Thursday, May 28th. Keefe, Bruyette & Woods lifted their price target on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a "market perform" rating in a report on Wednesday, August 5th. Weiss Ratings raised Mechanics Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Raymond James Financial began coverage on Mechanics Bancorp in a research note on Thursday, May 28th. They issued an "outperform" rating and a $17.00 price objective on the stock. Finally, Zacks Research upgraded Mechanics Bancorp to a "hold" rating in a research note on Monday, June 1st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $17.10.

Mechanics Bancorp Stock Performance

NASDAQ MCHB opened at $15.43 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.05. The firm's fifty day moving average price is $16.17 and its two-hundred day moving average price is $15.38. Mechanics Bancorp has a 1 year low of $12.82 and a 1 year high of $17.38. The firm has a market capitalization of $3.42 billion, a P/E ratio of 12.54 and a beta of 1.39.

Hedge Funds Weigh In On Mechanics Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System acquired a new stake in Mechanics Bancorp during the 1st quarter worth approximately $39,000. Fifth Third Bancorp bought a new position in Mechanics Bancorp during the 1st quarter worth $39,000. Assetmark Inc. acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $51,000. Royal Bank of Canada acquired a new stake in shares of Mechanics Bancorp during the first quarter worth $76,000. Finally, Baird Financial Group Inc. boosted its position in shares of 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 acquiring an additional 2,500 shares during the period. Institutional investors and hedge funds own 74.71% of the company's stock.

About Mechanics Bancorp

Mechanics Bancorp, Inc is the bank holding company for Mechanics Bank, a community-focused financial institution headquartered in Mansfield, Ohio. Through its banking subsidiary, the company serves individuals, families, businesses and organizations in north-central Ohio.

Mechanics Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgage loans, commercial real estate financing, business loans, construction lending and consumer credit.

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