Mechanics Bancorp (NASDAQ:MCHB) Price Target Cut to $15.50 by Analysts at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut Mechanics Bancorp's price target to $15.50 (from $16.00) and kept a "market perform" rating, implying roughly a 3.9% upside from the current share price.
• Analysts are mixed but generally positive: Cantor Fitzgerald started coverage with an "overweight" and $17 target and Weiss Ratings upgraded to "buy," leaving a consensus of Moderate Buy with a $16.25 average target.
• Institutional ownership is high at 74.71%, with recent large moves including Mechanics Bank Trust Department's new ~$50.1M position and a substantial stake increase by Geode Capital in the fourth quarter.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) had its price objective lowered by analysts at Keefe, Bruyette & Woods from $16.00 to $15.50 in a report issued on Monday,Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 3.89% from the company's current price.

Several other brokerages have also recently weighed in on MCHB. Cantor Fitzgerald began coverage on shares of Mechanics Bancorp in a report on Friday, April 10th. They issued an "overweight" rating and a $17.00 target price on the stock. Weiss Ratings raised shares of Mechanics Bancorp from a "hold (c+)" rating to a "buy (b)" rating in a report on Tuesday, March 31st. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $16.25.

Mechanics Bancorp Price Performance

Shares of NASDAQ:MCHB opened at $14.92 on Monday. The company has a 50 day moving average price of $14.84. The firm has a market capitalization of $3.30 billion, a PE ratio of 19.89 and a beta of 1.42. Mechanics Bancorp has a fifty-two week low of $11.40 and a fifty-two week high of $16.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.07.

Hedge Funds Weigh In On Mechanics Bancorp

A number of institutional investors have recently modified their holdings of the business. Mechanics Bank Trust Department acquired a new position in shares of Mechanics Bancorp in the 4th quarter valued at $50,082,000. Geode Capital Management LLC increased its holdings in shares of Mechanics Bancorp by 167.3% in the 4th quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company's stock valued at $20,024,000 after acquiring an additional 856,476 shares during the period. GW&K Investment Management LLC increased its holdings in shares of Mechanics Bancorp by 36.2% in the 4th quarter. GW&K Investment Management LLC now owns 1,233,288 shares of the company's stock valued at $18,043,000 after acquiring an additional 327,908 shares during the period. Mendon Capital Advisors Corp acquired a new position in shares of Mechanics Bancorp in the 3rd quarter valued at $14,043,000. Finally, Maltese Capital Management LLC acquired a new position in shares of Mechanics Bancorp in the 3rd quarter valued at $13,498,000. 74.71% of the stock is owned by institutional investors and hedge funds.

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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