Mechanics Bancorp (NASDAQ:MCHB) Coverage Initiated at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald initiated coverage with an overweight rating and a $17.00 price target, implying roughly a 10.17% upside from the prior close.
• Weiss Ratings upgraded the stock from "hold (c+)" to "buy (b)", and the consensus across analysts is a Moderate Buy with an average price target of $15.75.
• Several institutions have recently built positions (including a ~$50M stake by Mechanics Bank Trust Department), about 74.71% of shares are institutionally owned, and the stock trades near $15.43 with a market cap of ~$3.42B.

Equities research analysts at Cantor Fitzgerald began coverage on shares of Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) in a report released on Friday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $17.00 price target on the stock. Cantor Fitzgerald's target price indicates a potential upside of 10.17% from the company's previous close.

Separately, Weiss Ratings upgraded shares of Mechanics Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a research note on Tuesday, March 31st. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $15.75.

Mechanics Bancorp Price Performance

MCHB opened at $15.43 on Friday. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 48.22 and a beta of 1.48. Mechanics Bancorp has a 1-year low of $10.22 and a 1-year high of $16.02. The stock has a 50 day moving average price of $14.88. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.07.

Institutional Investors Weigh In On Mechanics Bancorp

A number of institutional investors have recently added to or reduced their stakes in MCHB. Mechanics Bank Trust Department bought a new stake in shares of Mechanics Bancorp during the fourth quarter valued at approximately $50,082,000. Miracle Mile Advisors LLC purchased a new position in Mechanics Bancorp during the third quarter valued at $14,851,000. Mendon Capital Advisors Corp bought a new stake in Mechanics Bancorp in the 3rd quarter valued at $14,043,000. Maltese Capital Management LLC bought a new stake in Mechanics Bancorp in the 3rd quarter valued at $13,498,000. Finally, Vanguard Group Inc. purchased a new stake in Mechanics Bancorp in the 3rd quarter worth $13,128,000. 74.71% of the stock is owned by hedge funds and other institutional investors.

Mechanics Bancorp Company Profile

HomeStreet, Inc operates as the bank holding company for HomeStreet Bank that provides commercial, mortgage, and consumer/retail banking services primarily in the Western United States. The company offers personal and business checking, savings accounts, interest-bearing negotiable order of withdrawal accounts, money market accounts, and time certificates of deposit; credit cards; insurance; and treasury management products and services. Its loan products include commercial business and agriculture loans, single family residential mortgages, consumer loans, commercial loans secured by residential and commercial real estate, and construction loans for residential and commercial real estate development, as well as consumer installment loans and permanent loans on commercial real estate and single-family residences.

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