Mechanics Bancorp (NASDAQ:MCHB) Stock Rating Upgraded by Zacks Research

Mechanics Bancorp (NASDAQ:MCHB) was upgraded by Zacks Research to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Stifel Nicolaus set a $17.00 target price on shares of Mechanics Bancorp in a research note on Thursday, May 28th. Weiss Ratings cut shares of Mechanics Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, May 22nd. Cantor Fitzgerald began coverage on shares of Mechanics Bancorp in a research report on Friday, April 10th. They issued an “overweight” rating and a $17.00 price target on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research report on Monday, May 4th. Finally, Raymond James Financial began coverage on shares of Mechanics Bancorp in a research report on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.63.

Mechanics Bancorp Stock Performance

NASDAQ MCHB opened at $14.73 on Monday. The stock has a market cap of $3.26 billion, a P/E ratio of 19.64 and a beta of 1.42. The company’s 50-day simple moving average is $14.82 and its 200 day simple moving average is $14.72. Mechanics Bancorp has a twelve month low of $12.05 and a twelve month high of $16.03. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.05.

Hedge Funds Weigh In On Mechanics Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCHB. Mechanics Bank Trust Department acquired a new position in shares of Mechanics Bancorp during the fourth quarter worth approximately $50,082,000. Acuitas Investments LLC acquired a new position in shares of Mechanics Bancorp during the third quarter worth approximately $5,102,000. Stieven Capital Advisors L.P. acquired a new position in shares of Mechanics Bancorp during the third quarter worth approximately $7,743,000. Maltese Capital Management LLC acquired a new position in shares of Mechanics Bancorp during the third quarter worth approximately $13,498,000. Finally, CenterBook Partners LP acquired a new position in shares of Mechanics Bancorp during the third quarter worth approximately $1,437,000. 74.71% of the stock is currently owned by institutional investors and hedge funds.

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.