Mechanics Bancorp (NASDAQ:MCHB) Stock Gets Price Target Cut from Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut its price target on Mechanics Bancorp from $16 to $15.50 and maintained a “market perform” rating, implying 6.16% upside from the stock’s current price.
• Analyst opinion is mixed: MarketBeat’s consensus rating is “Hold,” with a $16.50 average target. Recent calls range from Zacks Research’s “strong sell” to Cantor Fitzgerald’s “overweight.”
• Mechanics Bancorp shares fell $0.43 to $14.60 on Thursday; institutional investors own 74.71% of the company’s stock.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) had its price target dropped by equities research analysts at Keefe, Bruyette & Woods from $16.00 to $15.50 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods's target price indicates a potential upside of 6.16% from the company's current price.

Several other brokerages have also issued reports on MCHB. Stephens started coverage on shares of Mechanics Bancorp in a research report on Friday, September 18th. They issued an "equal weight" rating and a $17.00 target price for the company. Zacks Research downgraded Mechanics Bancorp from a "hold" rating to a "strong sell" rating in a research report on Friday, October 30th. Cantor Fitzgerald dropped their price target on Mechanics Bancorp from $17.00 to $16.00 and set an "overweight" rating for the company in a research note on Tuesday. Wall Street Zen lowered Mechanics Bancorp from a "hold" rating to a "sell" rating in a research note on Saturday, October 31st. Finally, Weiss Ratings cut Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 9th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Mechanics Bancorp presently has a consensus rating of "Hold" and a consensus target price of $16.50.

Mechanics Bancorp Price Performance

Shares of Mechanics Bancorp stock traded down $0.43 on Thursday, hitting $14.60. 166,636 shares of the company traded hands, compared to its average volume of 500,281. The firm's 50-day simple moving average is $15.07 and its 200 day simple moving average is $15.24. 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 company has a market cap of $3.23 billion, a P/E ratio of 12.40 and a beta of 1.41. Mechanics Bancorp has a 12-month low of $13.02 and a 12-month high of $17.38.

Hedge Funds Weigh In On Mechanics Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in MCHB. Bank of New York Mellon Corp boosted its holdings in Mechanics Bancorp by 1.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company's stock valued at $16,201,000 after acquiring an additional 13,648 shares during the period. Sculptor Capital LP bought a new position in Mechanics Bancorp during the 1st quarter worth approximately $7,563,000. Mendon Capital Advisors Corp bought a new position in Mechanics Bancorp during the 1st quarter worth approximately $5,127,000. Pinnacle Holdings LLC purchased a new position in Mechanics Bancorp in the 2nd quarter worth approximately $4,028,000. Finally, Bank of America Corp DE purchased a new position in Mechanics Bancorp in the 1st quarter worth approximately $1,662,000. Institutional investors own 74.71% of the company's stock.

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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