Mechanics Bancorp (NASDAQ:MCHB) Stock Bumped Down to Strong Sell by Wall Street Zen

Key Points

• Wall Street Zen downgraded Mechanics Bancorp to “strong sell” from “sell,” while Zacks Research has also assigned a strong-sell rating. Overall, analysts’ consensus remains “Hold,” with a $16.50 price target.
• MCHB shares opened at $14.40, within a 52-week range of $13.02 to $17.38; its 50-day and 200-day moving averages were $14.90 and $15.24, respectively.
• Institutional investors own 74.71% of the company’s shares, with several funds recently initiating or increasing positions.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

MCHB has been the subject of a number of other reports. Cantor Fitzgerald cut their price target on Mechanics Bancorp from $17.00 to $16.00 and set an "overweight" rating for the company in a report on Tuesday, November 3rd. Keefe, Bruyette & Woods decreased their price objective on shares of Mechanics Bancorp from $16.00 to $15.50 and set a "market perform" rating on the stock in a report on Thursday, November 5th. Stephens began coverage on shares of Mechanics Bancorp in a research report on Friday, September 18th. They issued an "equal weight" rating and a $17.00 price objective for the company. Zacks Research downgraded shares of Mechanics Bancorp from a "hold" rating to a "strong sell" rating in a research note on Friday, October 30th. Finally, Weiss Ratings upgraded shares of Mechanics Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday. Three equities research 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. According to data from MarketBeat, Mechanics Bancorp has a consensus rating of "Hold" and a consensus price target of $16.50.

Mechanics Bancorp Price Performance

Shares of MCHB stock opened at $14.40 on Friday. Mechanics Bancorp has a 52 week low of $13.02 and a 52 week high of $17.38. The stock has a market capitalization of $3.19 billion, a PE ratio of 10.35 and a beta of 1.41. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.75. The stock's fifty day moving average is $14.90 and its 200-day moving average is $15.24.

Institutional Investors Weigh In On Mechanics Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC bought a new position in Mechanics Bancorp in the third quarter valued at about $27,000. Baird Financial Group Inc. increased its position in Mechanics Bancorp by 16.8% in the second quarter. Baird Financial Group Inc. now owns 17,403 shares of the company's stock worth $277,000 after purchasing an additional 2,500 shares during the period. California State Teachers Retirement System bought a new stake in Mechanics Bancorp during the 1st quarter worth about $39,000. Fifth Third Bancorp bought a new stake in Mechanics Bancorp during the 1st quarter worth about $39,000. Finally, Covestor Ltd raised its holdings in Mechanics Bancorp by 67.7% during the 3rd quarter. Covestor Ltd now owns 7,595 shares of the company's stock worth $112,000 after purchasing an additional 3,065 shares during the last quarter. Institutional investors own 74.71% of the company's stock.

Mechanics Bancorp Company Profile

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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