Mechanics Bancorp (NASDAQ:MCHB) Sees Unusually-High Trading Volume – Still a Buy?

Mechanics Bancorp (NASDAQ:MCHB) shares saw strong trading volume on Monday . 450,094 shares changed hands during mid-day trading, an increase of 165% from the previous session’s volume of 169,789 shares.The stock last traded at $14.03 and had previously closed at $13.67.

Analysts Set New Price Targets

MCHB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their price target on Mechanics Bancorp from $14.00 to $14.50 and gave the company a “market perform” rating in a research note on Monday, October 20th. Wall Street Zen upgraded shares of Mechanics Bancorp from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Weiss Ratings assumed coverage on shares of Mechanics Bancorp in a research note on Wednesday, November 19th. They set a “hold (c+)” rating on the stock. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $14.50.

Mechanics Bancorp Price Performance

The firm has a market capitalization of $3.14 billion, a PE ratio of -1.92 and a beta of 1.47. The company has a debt-to-equity ratio of 3.14, a current ratio of 1.03 and a quick ratio of 1.02.

Institutional Trading of Mechanics Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCHB. Comerica Bank purchased a new stake in Mechanics Bancorp in the third quarter worth about $34,000. AlphaQuest LLC purchased a new position in shares of Mechanics Bancorp during the 3rd quarter valued at $45,000. BNP Paribas Financial Markets purchased a new position in Mechanics Bancorp in the 3rd quarter worth approximately $48,000. Nisa Investment Advisors LLC purchased a new position in shares of Mechanics Bancorp during the third quarter valued at about $57,000. Finally, Covestor Ltd bought a new stake in Mechanics Bancorp in the third quarter worth $60,000. 74.71% of the stock is owned by institutional investors.

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.