Stephens Begins Coverage on Mechanics Bancorp (NASDAQ:MCHB)

Research analysts at Stephens assumed coverage on shares of Mechanics Bancorp (NASDAQ:MCHB) in a research report issued to clients and investors on Friday, Briefing.com reports. The brokerage set an “equal weight” rating and a $17.00 price target on the stock. Stephens’ target price points to a potential upside of 10.17% from the company’s current price.

A number of other research firms have also commented on MCHB. Stifel Nicolaus set a $17.00 price target on Mechanics Bancorp in a report on Thursday, May 28th. Zacks Research upgraded Mechanics Bancorp to a “hold” rating in a research report on Monday, June 1st. Weiss Ratings raised Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Keefe, Bruyette & Woods increased their target price on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the stock a “market perform” rating in a report on Wednesday, August 5th. Finally, Raymond James Financial assumed coverage on shares of Mechanics Bancorp in a research note on Thursday, May 28th. They issued an “outperform” rating and a $17.00 price target on the stock. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.10.

Mechanics Bancorp Stock Up 0.7%

NASDAQ MCHB opened at $15.43 on Friday. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.05. The company has a market cap of $3.42 billion, a price-to-earnings ratio of 12.54 and a beta of 1.39. The company has a 50 day moving average of $16.17 and a 200-day moving average of $15.38. Mechanics Bancorp has a 1-year low of $12.82 and a 1-year high of $17.38.

Hedge Funds Weigh In On Mechanics Bancorp

Several large investors have recently bought and sold shares of the company. California State Teachers Retirement System acquired a new stake in shares of Mechanics Bancorp during the first quarter valued at about $39,000. Fifth Third Bancorp acquired a new position in shares of Mechanics Bancorp in the first quarter valued at approximately $39,000. Assetmark Inc. bought a new position in Mechanics Bancorp in the 1st quarter valued at approximately $51,000. Royal Bank of Canada acquired a new stake in Mechanics Bancorp during the 1st quarter worth approximately $76,000. Finally, Baird Financial Group Inc. grew its holdings in Mechanics Bancorp by 16.8% during 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 last quarter. 74.71% of the stock is currently owned by institutional investors.

About Mechanics Bancorp

Mechanics Bancorp, Inc is the bank holding company for Mechanics Bank, a community-focused financial institution headquartered in Mansfield, Ohio. Through its banking subsidiary, the company serves individuals, families, businesses and organizations in north-central Ohio.

Mechanics Bank offers a range of traditional banking products and services, including checking and savings accounts, certificates of deposit, residential mortgage loans, commercial real estate financing, business loans, construction lending and consumer credit.