Mechanics Bancorp (NASDAQ:MCHB) Reaches New 1-Year High – Still a Buy?

Shares of Mechanics Bancorp (NASDAQ:MCHB) reached a new 52-week high on Tuesday . The stock traded as high as $17.21 and last traded at $17.17, with a volume of 394573 shares traded. The stock had previously closed at $16.71.

Analysts Set New Price Targets

Several research firms have issued reports on MCHB. Zacks Research raised Mechanics Bancorp to a “hold” rating in a report on Monday, June 1st. Stifel Nicolaus set a $17.00 target price on Mechanics Bancorp in a research note on Thursday, May 28th. Weiss Ratings upgraded Mechanics Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday. Raymond James Financial initiated coverage on Mechanics Bancorp in a research note on Thursday, May 28th. They set an “outperform” rating and a $17.00 price target on the stock. Finally, Keefe, Bruyette & Woods raised their price target on Mechanics Bancorp from $16.00 to $17.50 and gave the company a “market perform” rating in a report on Wednesday, August 5th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.12.

Mechanics Bancorp Price Performance

The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50-day moving average price of $15.90 and a 200-day moving average price of $15.23. The firm has a market capitalization of $3.83 billion, a P/E ratio of 14.08 and a beta of 1.41.

Hedge Funds Weigh In On Mechanics Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gator Capital Management LLC increased its stake in shares of Mechanics Bancorp by 0.8% in the 4th quarter. Gator Capital Management LLC now owns 245,001 shares of the company’s stock valued at $3,584,000 after acquiring an additional 1,865 shares during the last quarter. Comerica Bank bought a new position in Mechanics Bancorp during the 3rd quarter worth approximately $34,000. California State Teachers Retirement System bought a new position in Mechanics Bancorp during the 1st quarter worth approximately $39,000. Fifth Third Bancorp acquired a new position in Mechanics Bancorp during the first quarter valued at approximately $39,000. Finally, Assetmark Inc. acquired a new position in Mechanics Bancorp during the first quarter valued at approximately $51,000. 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. 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.