Mechanics Bancorp (NASDAQ:MCHB) Lowered to Hold Rating by Wall Street Zen

Mechanics Bancorp (NASDAQ:MCHB) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday.

Other analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Mechanics Bancorp in a research note on Tuesday. Keefe, Bruyette & Woods raised their target price on shares of Mechanics Bancorp from $14.00 to $14.50 and gave the stock a “market perform” rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $14.50.

Mechanics Bancorp Stock Up 1.3%

MCHB opened at $15.54 on Friday. Mechanics Bancorp has a one year low of $8.41 and a one year high of $15.90. The company has a debt-to-equity ratio of 3.14, a current ratio of 1.03 and a quick ratio of 1.02. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -2.10 and a beta of 1.47.

Hedge Funds Weigh In On Mechanics Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Miracle Mile Advisors LLC bought a new stake in shares of Mechanics Bancorp during the 3rd quarter valued at $14,851,000. Mendon Capital Advisors Corp purchased a new position in Mechanics Bancorp during the 3rd quarter valued at about $14,043,000. Maltese Capital Management LLC purchased a new position in Mechanics Bancorp during the 3rd quarter valued at about $13,498,000. Vanguard Group Inc. bought a new stake in Mechanics Bancorp during the third quarter worth about $13,128,000. Finally, GW&K Investment Management LLC purchased a new stake in Mechanics Bancorp in the third quarter worth about $12,051,000. Hedge funds and other institutional investors 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.