Analysts Set Mechanics Bancorp (NASDAQ:MCHB) PT at $17.12

Mechanics Bancorp (NASDAQ:MCHB) has been given an average recommendation of “Moderate Buy” by the five ratings firms that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $17.1250.

MCHB has been the subject of several recent analyst reports. Stifel Nicolaus set a $17.00 target price on shares of Mechanics Bancorp in a research note on Thursday, May 28th. Keefe, Bruyette & Woods raised their price objective on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a report on Wednesday, August 5th. Zacks Research upgraded Mechanics Bancorp to a “hold” rating in a research note on Monday, June 1st. Weiss Ratings upgraded Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Raymond James Financial began coverage on Mechanics Bancorp in a report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price target for the company.

Mechanics Bancorp Stock Down 1.9%

MCHB opened at $16.75 on Tuesday. The firm has a market cap of $3.71 billion, a P/E ratio of 13.62 and a beta of 1.41. The business’s fifty day simple moving average is $16.02 and its 200 day simple moving average is $15.28. Mechanics Bancorp has a 52 week low of $12.52 and a 52 week high of $17.38. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.05.

Hedge Funds Weigh In On Mechanics Bancorp

A number of large investors have recently bought and sold shares of the stock. Sculptor Capital LP purchased a new stake in shares of Mechanics Bancorp during the 1st quarter valued at $7,563,000. Mendon Capital Advisors Corp purchased a new position in shares of Mechanics Bancorp in the 1st quarter worth $5,127,000. Waverly Advisors LLC purchased a new position in shares of Mechanics Bancorp in the 1st quarter worth $1,302,000. Precision Wealth Strategies LLC acquired a new position in Mechanics Bancorp in the fourth quarter valued at $659,000. Finally, UBS Group AG increased its stake in Mechanics Bancorp by 223.6% during the fourth quarter. UBS Group AG now owns 186,869 shares of the company’s stock worth $2,734,000 after acquiring an additional 129,118 shares during the last quarter. Hedge funds and other institutional investors own 74.71% of the company’s stock.

About Mechanics Bancorp

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.