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

Mechanics Bancorp (NASDAQ:MCHB) was upgraded by investment analysts at Zacks Research to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts also recently commented on the stock. Weiss Ratings downgraded shares of Mechanics Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, May 22nd. Stifel Nicolaus set a $17.00 price target on shares of Mechanics Bancorp in a report on Thursday, May 28th. Keefe, Bruyette & Woods decreased their price objective on shares of Mechanics Bancorp from $16.00 to $15.50 and set a “market perform” rating on the stock in a research note on Monday, May 4th. Cantor Fitzgerald started coverage on shares of Mechanics Bancorp in a report on Friday, April 10th. They set an “overweight” rating and a $17.00 price objective for the company. 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 target price on the stock. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $16.63.

Mechanics Bancorp Stock Performance

NASDAQ MCHB opened at $14.73 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.80 and a quick ratio of 0.80. The company’s fifty day moving average is $14.82 and its two-hundred day moving average is $14.72. Mechanics Bancorp has a 52-week low of $12.05 and a 52-week high of $16.03. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 19.64 and a beta of 1.42.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MCHB. Bank of America Corp DE bought a new stake in Mechanics Bancorp in the first quarter valued at approximately $1,662,000. California State Teachers Retirement System acquired a new stake in Mechanics Bancorp in the first quarter worth $39,000. Royal Bank of Canada bought a new position in shares of Mechanics Bancorp during the first quarter worth $76,000. The Manufacturers Life Insurance Company boosted its position in shares of Mechanics Bancorp by 48.3% during the first quarter. The Manufacturers Life Insurance Company now owns 26,088 shares of the company’s stock worth $385,000 after purchasing an additional 8,494 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new position in shares of Mechanics Bancorp in the 1st quarter valued at $813,000. Institutional investors and hedge funds own 74.71% of the company’s stock.

Mechanics Bancorp Company Profile

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.