Mechanics Bancorp (NASDAQ:MCHB) Price Target Cut to $16.00 by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered Mechanics Bancorp’s price target from $17.00 to $16.00 while maintaining an “overweight” rating, implying 6.31% upside from the current price.
• Analyst sentiment is mixed: MarketBeat reports an overall “Hold” rating and an average price target of $16.90, with three Buy, two Hold and one Sell rating.
• Mechanics Bancorp shares were trading up 2.8% at $15.05, while institutional investors own approximately 74.71% of the company’s stock.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) had its target price cut by equities research analysts at Cantor Fitzgerald from $17.00 to $16.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective suggests a potential upside of 6.31% from the company's current price.

Several other brokerages have also recently commented on MCHB. Weiss Ratings cut shares of Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 9th. Zacks Research cut Mechanics Bancorp from a "hold" rating to a "strong sell" rating in a research note on Friday. Stephens assumed coverage on Mechanics Bancorp in a report on Friday, September 18th. They issued an "equal weight" rating and a $17.00 target price for the company. Wall Street Zen cut Mechanics Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday. Finally, Keefe, Bruyette & Woods boosted their target price on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a "market perform" rating in a research note on Wednesday, August 5th. Three analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $16.90.

Mechanics Bancorp Trading Up 2.8%

Shares of MCHB stock opened at $15.05 on Tuesday. Mechanics Bancorp has a fifty-two week low of $12.99 and a fifty-two week high of $17.38. The company has a 50 day moving average price of $15.12 and a 200 day moving average price of $15.24. The stock has a market capitalization of $3.33 billion, a P/E ratio of 12.75 and a beta of 1.44. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.78.

Institutional Investors Weigh In On Mechanics Bancorp

Several institutional investors have recently modified their holdings of MCHB. California State Teachers Retirement System purchased a new position in Mechanics Bancorp in the first quarter valued at $39,000. Fifth Third Bancorp purchased a new stake in Mechanics Bancorp during the 1st quarter worth about $39,000. Assetmark Inc. acquired a new stake in Mechanics Bancorp during the 1st quarter worth $51,000. Royal Bank of Canada purchased a new stake in Mechanics Bancorp in the first quarter valued at $76,000. Finally, Covestor Ltd lifted its position in Mechanics Bancorp by 67.7% in the third quarter. Covestor Ltd now owns 7,595 shares of the company's stock valued at $112,000 after acquiring an additional 3,065 shares during the last quarter. 74.71% of the stock is owned by hedge funds and other institutional investors.

About Mechanics Bancorp

Mechanics Bancorp, Inc is the bank holding company for Mechanics Bank, a community banking institution headquartered in Mansfield, Ohio. Through its banking subsidiary, the company serves individuals, families, small businesses and commercial customers in communities across north-central Ohio.

Mechanics Bank provides traditional banking products and services, including deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury management and online and mobile banking.

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