Mechanics Bancorp (NASDAQ:MCHB) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Mechanics Bancorp from “hold” to “sell,” although other analysts remain more positive; the stock has a consensus “Moderate Buy” rating and a $17.10 price target.
• Mechanics Bancorp shares opened at $14.64, compared with a 52-week range of $12.91 to $17.38. The company has a $3.24 billion market capitalization and a P/E ratio of 12.41.
• Institutional investors own approximately 74.71% of the company, with several hedge funds and financial firms recently increasing or initiating positions.

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

A number of other research analysts have also recently commented on MCHB. Cantor Fitzgerald decreased their price target on Mechanics Bancorp from $18.00 to $17.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 14th. Stephens assumed coverage on Mechanics Bancorp in a research note on Friday, September 18th. They issued an "equal weight" rating and a $17.00 price objective for the company. Weiss Ratings downgraded Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 9th. Finally, Keefe, Bruyette & Woods lifted their target price on Mechanics Bancorp from $16.00 to $17.50 and gave the company a "market perform" rating in a research report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.10.

Mechanics Bancorp Stock Performance

NASDAQ:MCHB opened at $14.64 on Friday. Mechanics Bancorp has a fifty-two week low of $12.91 and a fifty-two week high of $17.38. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.78. The company has a 50 day moving average price of $15.14 and a 200 day moving average price of $15.24. The stock has a market capitalization of $3.24 billion, a P/E ratio of 12.41 and a beta of 1.44.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MCHB. Baird Financial Group Inc. boosted its stake in 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 in the last quarter. California State Teachers Retirement System purchased a new stake in shares of Mechanics Bancorp in the 1st quarter valued at about $39,000. Fifth Third Bancorp acquired a new stake in shares of Mechanics Bancorp in the 1st quarter valued at about $39,000. Covestor Ltd boosted its position in shares of Mechanics Bancorp by 67.7% in the 3rd quarter. Covestor Ltd now owns 7,595 shares of the company's stock valued at $112,000 after purchasing an additional 3,065 shares during the period. Finally, Farther Finance Advisors LLC grew its stake in Mechanics Bancorp by 10.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 35,139 shares of the company's stock worth $519,000 after buying an additional 3,338 shares during the last quarter. Hedge funds and other 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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