Cantor Fitzgerald Issues Pessimistic Forecast for Mechanics Bancorp (NASDAQ:MCHB) Stock Price

Mechanics Bancorp (NASDAQ:MCHB) had its price objective dropped by research analysts at Cantor Fitzgerald from $17.00 to $16.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald‘s price target would suggest a potential upside of 6.31% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a report on Wednesday, August 5th. Weiss Ratings cut Mechanics Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 9th. Zacks Research downgraded Mechanics Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday. Wall Street Zen lowered shares of Mechanics Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Stephens started coverage on shares of Mechanics Bancorp in a report on Friday, September 18th. They issued an “equal weight” rating and a $17.00 target price on the stock. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Mechanics Bancorp currently has an average rating of “Hold” and an average target price of $16.90.

Mechanics Bancorp Price Performance

Shares of NASDAQ MCHB opened at $15.05 on Tuesday. The stock has a market cap of $3.33 billion, a P/E ratio of 12.75 and a beta of 1.44. Mechanics Bancorp has a twelve month low of $12.99 and a twelve month high of $17.38. The stock has a 50 day moving average of $15.12 and a two-hundred day moving average of $15.24. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.05.

Institutional Investors Weigh In On Mechanics Bancorp

A number of institutional investors have recently bought and sold shares of the stock. Sculptor Capital LP bought a new stake in Mechanics Bancorp during the first quarter valued at $7,563,000. Mendon Capital Advisors Corp acquired a new position in shares of Mechanics Bancorp during the first quarter worth approximately $5,127,000. Pinnacle Holdings LLC acquired a new position in Mechanics Bancorp during the 2nd quarter worth $4,028,000. Bank of America Corp DE bought a new position in Mechanics Bancorp in the 1st quarter valued at about $1,662,000. Finally, Waverly Advisors LLC acquired a new position in shares of Mechanics Bancorp during the first quarter valued at approximately $1,302,000. 74.71% of the stock is currently owned by hedge funds and other institutional investors.

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.