Mechanics Bancorp (NASDAQ:MCHB) Stock Gets Price Target Reduction from Cantor Fitzgerald

Mechanics Bancorp (NASDAQ:MCHB) had its price target dropped by research analysts at Cantor Fitzgerald from $18.00 to $17.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 19.47% from the stock’s previous close.

MCHB has been the subject of a number of other reports. Stephens initiated coverage on shares of Mechanics Bancorp in a research note on Friday, September 18th. They issued an “equal weight” rating and a $17.00 target price for the company. Keefe, Bruyette & Woods increased their price target on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings downgraded shares of Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.10.

Mechanics Bancorp Trading Down 1.0%

Shares of NASDAQ MCHB opened at $14.23 on Wednesday. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 11.06 and a beta of 1.44. The business has a 50 day simple moving average of $15.67 and a 200 day simple moving average of $15.42. Mechanics Bancorp has a 52 week low of $12.82 and a 52 week high of $17.38. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.78.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MCHB. Baird Financial Group Inc. raised its holdings in Mechanics Bancorp by 16.8% in the 2nd quarter. Baird Financial Group Inc. now owns 17,403 shares of the company’s stock worth $277,000 after acquiring an additional 2,500 shares during the period. California State Teachers Retirement System acquired a new position in Mechanics Bancorp during the 1st quarter worth $39,000. Fifth Third Bancorp bought a new stake in Mechanics Bancorp during the first quarter valued at about $39,000. Farther Finance Advisors LLC boosted its holdings in Mechanics Bancorp by 10.5% during the third quarter. Farther Finance Advisors LLC now owns 35,139 shares of the company’s stock valued at $519,000 after acquiring an additional 3,338 shares during the period. Finally, Assetmark Inc. acquired a new stake in shares of Mechanics Bancorp in the first quarter valued at about $51,000. Institutional investors and hedge funds own 74.71% of the company’s stock.

About Mechanics Bancorp

Mechanics Bancorp, Inc is a bank holding company headquartered in Mansfield, Ohio. Through its subsidiary, Mechanics Bank, the company provides community banking services to individuals, families, businesses and organizations in north-central Ohio.

Mechanics Bank offers a range of traditional banking products, including checking and savings accounts, certificates of deposit, residential mortgage loans, consumer financing and commercial loans. Its services also include treasury management, online and mobile banking, debit cards and other deposit and payment solutions.

Mechanics Bancorp traces its banking operations to the late 19th century and maintains a local branch network serving communities in and around Richland and neighboring counties.