Mechanics Bancorp (NASDAQ:MCHB) Price Target Raised to $17.50

Key Points

• Keefe, Bruyette & Woods raised Mechanics Bancorp’s price target to $17.50 from $16.00 while maintaining a “market perform” rating, implying approximately 4.57% upside from the current price.
• Analyst sentiment is generally positive, with three Buy ratings and two Hold ratings; the consensus rating is “Moderate Buy” with an average price target of $17.12.
• Mechanics Bancorp shares rose 0.3% to $16.73, and the company recently exceeded quarterly expectations by reporting $0.27 in EPS versus the $0.25 consensus and revenue of $200.97 million versus $198.30 million expected.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) had its target price boosted by investment analysts at Keefe, Bruyette & Woods from $16.00 to $17.50 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price target points to a potential upside of 4.57% from the stock's current price.

Several other equities analysts have also weighed in on MCHB. Cantor Fitzgerald assumed coverage on shares of Mechanics Bancorp in a research report on Friday, April 10th. They set an "overweight" rating and a $17.00 price objective on the stock. Raymond James Financial began coverage on shares of Mechanics Bancorp in a research note on Thursday, May 28th. They set an "outperform" rating and a $17.00 price target on the stock. Zacks Research upgraded shares of Mechanics Bancorp to a "hold" rating in a research note on Monday, June 1st. Stifel Nicolaus set a $17.00 price objective on Mechanics Bancorp in a research report on Thursday, May 28th. Finally, Weiss Ratings lowered shares of Mechanics Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 23rd. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Mechanics Bancorp presently has an average rating of "Moderate Buy" and an average target price of $17.12.

Mechanics Bancorp Stock Up 0.3%

Shares of NASDAQ:MCHB traded up $0.04 during trading on Wednesday, reaching $16.73. 128,228 shares of the company traded hands, compared to its average volume of 486,888. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05. Mechanics Bancorp has a 1-year low of $12.50 and a 1-year high of $17.19. The firm has a fifty day simple moving average of $15.62 and a 200 day simple moving average of $15.14. The firm has a market cap of $3.71 billion, a P/E ratio of 13.60 and a beta of 1.41.

Mechanics Bancorp (NASDAQ:MCHB - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.25 by $0.02. The firm had revenue of $200.97 million during the quarter, compared to analysts' expectations of $198.30 million. Mechanics Bancorp had a return on equity of 10.69% and a net margin of 23.98%. Analysts anticipate that Mechanics Bancorp will post 1.02 earnings per share for the current fiscal year.

Institutional Trading of Mechanics Bancorp

Several institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC raised its stake in Mechanics Bancorp by 167.3% during the fourth quarter. Geode Capital Management LLC now owns 1,368,368 shares of the company's stock worth $20,024,000 after acquiring an additional 856,476 shares in the last quarter. GW&K Investment Management LLC grew 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 worth $18,043,000 after purchasing an additional 327,908 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of 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 worth $16,201,000 after purchasing an additional 13,648 shares in the last quarter. Mendon Capital Advisors Corp bought a new position in Mechanics Bancorp during the 3rd quarter valued at about $14,043,000. Finally, Vanguard Group Inc. acquired a new position in Mechanics Bancorp in the third quarter valued at about $13,128,000. Institutional investors and hedge funds own 74.71% of the company's stock.

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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