Keefe, Bruyette & Woods Issues Pessimistic Forecast for Mechanics Bancorp (NASDAQ:MCHB) Stock Price

Mechanics Bancorp (NASDAQ:MCHB) had its price objective dropped by analysts at Keefe, Bruyette & Woods from $16.00 to $15.50 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods‘s price target points to a potential upside of 5.30% from the company’s previous close.

Other analysts also recently issued research reports about the company. Wall Street Zen downgraded Mechanics Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Stephens assumed coverage on shares of Mechanics Bancorp in a research report on Friday, September 18th. They set an “equal weight” rating and a $17.00 price target on the stock. Zacks Research downgraded shares of Mechanics Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, October 30th. Weiss Ratings downgraded shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Finally, Cantor Fitzgerald lowered their price objective on shares of Mechanics Bancorp from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Tuesday. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $16.50.

Mechanics Bancorp Price Performance

Shares of Mechanics Bancorp stock traded up $0.07 during trading on Thursday, hitting $14.72. 419,167 shares of the stock traded hands, compared to its average volume of 643,915. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.05. The stock has a market cap of $3.26 billion, a price-to-earnings ratio of 12.47 and a beta of 1.41. The firm’s fifty day moving average is $15.01 and its 200-day moving average is $15.25. Mechanics Bancorp has a 52 week low of $13.02 and a 52 week high of $17.38.

Institutional Investors Weigh In On Mechanics Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of MCHB. Bank of New York Mellon Corp boosted its holdings in 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 valued at $16,201,000 after acquiring an additional 13,648 shares during the period. Sculptor Capital LP purchased a new position in Mechanics Bancorp in the 1st quarter worth approximately $7,563,000. Mendon Capital Advisors Corp purchased a new position in Mechanics Bancorp in the 1st quarter worth approximately $5,127,000. Pinnacle Holdings LLC bought a new stake in Mechanics Bancorp in the second quarter valued at approximately $4,028,000. Finally, Bank of America Corp DE bought a new stake in Mechanics Bancorp in the first quarter valued at approximately $1,662,000. Institutional investors own 74.71% of the company’s stock.

About Mechanics Bancorp

Mechanics Bancorp, Inc is the bank holding company for Mechanics Bank, a community banking institution headquartered in Mansfield, Ohio. Through its banking subsidiary, the company serves individuals, families, small businesses and commercial customers in communities across north-central Ohio.

Mechanics Bank provides traditional banking products and services, including deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury management and online and mobile banking.