Mechanics Bancorp (NASDAQ:MCHB) Rating Lowered to “Sell” at Wall Street Zen

Mechanics Bancorp (NASDAQ:MCHB) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Other research analysts have also issued reports about the company. Weiss Ratings lowered Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 9th. Keefe, Bruyette & Woods boosted their target price on Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a research report on Wednesday, August 5th. Stephens started coverage on shares of Mechanics Bancorp in a report on Friday, September 18th. They set an “equal weight” rating and a $17.00 price objective on the stock. Finally, Cantor Fitzgerald reduced their price objective on shares of Mechanics Bancorp from $18.00 to $17.00 and set an “overweight” rating on the stock in a report on Wednesday, October 14th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.10.

Mechanics Bancorp Price Performance

NASDAQ MCHB opened at $14.64 on Friday. The stock has a 50-day simple moving average of $15.14 and a 200 day simple moving average of $15.24. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a market capitalization of $3.24 billion, a PE ratio of 12.41 and a beta of 1.41. Mechanics Bancorp has a twelve month low of $12.91 and a twelve month high of $17.38.

Institutional Investors Weigh In On Mechanics Bancorp

A number of large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its position in Mechanics Bancorp by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 1,098,400 shares of the company’s stock valued at $16,201,000 after purchasing an additional 13,648 shares during the period. Sculptor Capital LP acquired a new position in shares of Mechanics Bancorp in the first quarter valued at approximately $7,563,000. Mendon Capital Advisors Corp acquired a new stake in shares of Mechanics Bancorp during the first quarter worth about $5,127,000. Pinnacle Holdings LLC purchased a new stake in shares of Mechanics Bancorp in the 2nd quarter worth about $4,028,000. Finally, Bank of America Corp DE acquired a new stake in Mechanics Bancorp during the first quarter worth about $1,662,000. Hedge funds and other 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.