Cantor Fitzgerald Initiates Coverage on Mechanics Bancorp (NASDAQ:MCHB)

Analysts at Cantor Fitzgerald began coverage on shares of Mechanics Bancorp (NASDAQ:MCHB) in a note issued to investors on Friday, Marketbeat reports. The firm set an “overweight” rating and a $17.00 price target on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 11.18% from the stock’s current price.

Separately, Weiss Ratings raised Mechanics Bancorp from a “hold (c+)” rating to a “buy (b)” rating in a report on Tuesday, March 31st. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Mechanics Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $15.75.

Mechanics Bancorp Price Performance

MCHB opened at $15.29 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.07. The company has a 50 day simple moving average of $14.88. The firm has a market cap of $3.39 billion, a PE ratio of 47.78 and a beta of 1.48. Mechanics Bancorp has a 12 month low of $10.23 and a 12 month high of $16.02.

Hedge Funds Weigh In On Mechanics Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of MCHB. Mechanics Bank Trust Department acquired a new position in Mechanics Bancorp during the fourth quarter worth $50,082,000. Miracle Mile Advisors LLC acquired a new position in Mechanics Bancorp during the third quarter worth $14,851,000. Mendon Capital Advisors Corp acquired a new position in Mechanics Bancorp during the third quarter worth $14,043,000. Maltese Capital Management LLC acquired a new position in Mechanics Bancorp during the third quarter worth $13,498,000. Finally, Vanguard Group Inc. acquired a new position in Mechanics Bancorp during the third quarter worth $13,128,000. 74.71% of the stock is owned by institutional investors and hedge funds.

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. 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.