Hovde Group Trims Middlefield Banc (NASDAQ:MBCN) Target Price to $23.00

Middlefield Banc (NASDAQ:MBCN) had its target price reduced by Hovde Group from $25.00 to $23.00 in a research report sent to investors on Wednesday, Marketbeat.com reports. They currently have a market perform rating on the bank’s stock.

Middlefield Banc Price Performance

Shares of MBCN opened at $23.19 on Wednesday. Middlefield Banc has a one year low of $21.36 and a one year high of $37.00. The stock’s fifty day moving average is $23.27 and its 200-day moving average is $26.83. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $187.12 million, a price-to-earnings ratio of 11.31 and a beta of 0.65.

Middlefield Banc (NASDAQ:MBCN) last released its earnings results on Tuesday, April 30th. The bank reported $0.51 EPS for the quarter, beating the consensus estimate of $0.42 by $0.09. Middlefield Banc had a net margin of 16.41% and a return on equity of 8.33%. The firm had revenue of $26.41 million for the quarter, compared to analysts’ expectations of $17.10 million. Equities analysts anticipate that Middlefield Banc will post 1.68 EPS for the current year.

Middlefield Banc Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a $0.20 dividend. The ex-dividend date was Thursday, February 29th. This represents a $0.80 dividend on an annualized basis and a yield of 3.45%. Middlefield Banc’s dividend payout ratio (DPR) is 39.02%.

Hedge Funds Weigh In On Middlefield Banc

Several hedge funds have recently modified their holdings of MBCN. SG Americas Securities LLC bought a new position in Middlefield Banc during the third quarter valued at about $116,000. Redmont Wealth Advisors LLC boosted its position in shares of Middlefield Banc by 6.5% during the 3rd quarter. Redmont Wealth Advisors LLC now owns 32,126 shares of the bank’s stock valued at $816,000 after purchasing an additional 1,961 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Middlefield Banc in the 4th quarter worth approximately $290,000. Virtu Financial LLC bought a new stake in shares of Middlefield Banc in the 4th quarter worth approximately $273,000. Finally, BNP Paribas Financial Markets lifted its stake in Middlefield Banc by 48.9% during the first quarter. BNP Paribas Financial Markets now owns 3,668 shares of the bank’s stock valued at $88,000 after purchasing an additional 1,204 shares during the last quarter. 31.72% of the stock is currently owned by institutional investors and hedge funds.

About Middlefield Banc

Middlefield Banc Corp. operates as the bank holding company for The Middlefield Banking Company that provides various commercial banking services to small and medium-sized businesses, professionals, small business owners, and retail customers in northeastern and central Ohio. It offers checking, savings, negotiable order of withdrawal accounts, money market accounts, time certificates of deposit, commercial loans, real estate loans, various consumer loans, safe deposit facilities, and travelers' checks.