Mechanics Bancorp (NASDAQ:MCHB) Sees Unusually-High Trading Volume – Here’s Why

Mechanics Bancorp (NASDAQ:MCHB) saw unusually-high trading volume on Monday . Approximately 450,094 shares traded hands during 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.

Wall Street Analyst Weigh In

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

Mechanics Bancorp Price Performance

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Acuitas Investments LLC purchased a new position in Mechanics Bancorp in the 3rd quarter worth approximately $5,102,000. Maltese Capital Management LLC bought a new position in Mechanics Bancorp during the 3rd quarter valued at $13,498,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Mechanics Bancorp during the 3rd quarter valued at $165,000. Millennium Management LLC acquired a new stake in Mechanics Bancorp during the 3rd quarter valued at $5,958,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Mechanics Bancorp during the third quarter worth $112,000. 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.