Middlefield Banc (NASDAQ:MBCN) Upgraded by StockNews.com to “Hold”

StockNews.com upgraded shares of Middlefield Banc (NASDAQ:MBCN) from a sell rating to a hold rating in a research report released on Wednesday morning.

Separately, Hovde Group decreased their price target on Middlefield Banc from $25.00 to $23.00 and set a market perform rating on the stock in a report on Wednesday.

Middlefield Banc Stock Up 0.1 %

Shares of MBCN opened at $21.49 on Wednesday. The stock has a market capitalization of $173.42 million, a price-to-earnings ratio of 10.04 and a beta of 0.62. Middlefield Banc has a 1 year low of $21.36 and a 1 year high of $37.00. The business’s 50 day simple moving average is $23.32 and its 200-day simple moving average is $26.89. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.97 and a quick ratio of 0.97.

Middlefield Banc (NASDAQ:MBCN) last issued its quarterly earnings data on Tuesday, April 30th. The bank reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.09. Middlefield Banc had a return on equity of 8.76% and a net margin of 17.91%. The business had revenue of $26.41 million for the quarter, compared to analysts’ expectations of $17.10 million. As a group, equities analysts expect that Middlefield Banc will post 1.68 earnings per share for the current fiscal year.

Middlefield Banc Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.80 annualized dividend and a yield of 3.72%. Middlefield Banc’s payout ratio is presently 37.38%.

Insider Activity at Middlefield Banc

In other Middlefield Banc news, Director Michael C. Voinovich acquired 1,000 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were bought at an average price of $26.67 per share, with a total value of $26,670.00. Following the transaction, the director now directly owns 8,253 shares of the company’s stock, valued at approximately $220,107.51. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.81% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Middlefield Banc

Several hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its position in Middlefield Banc by 48.9% in the 1st quarter. BNP Paribas Financial Markets now owns 3,668 shares of the bank’s stock valued at $88,000 after acquiring an additional 1,204 shares during the last quarter. Redmont Wealth Advisors LLC grew its position in Middlefield Banc by 14.2% in the 1st quarter. Redmont Wealth Advisors LLC now owns 32,017 shares of the bank’s stock valued at $765,000 after acquiring an additional 3,989 shares during the last quarter. Virtu Financial LLC bought a new position in Middlefield Banc in the 4th quarter valued at $273,000. Cerity Partners LLC bought a new position in Middlefield Banc in the 4th quarter valued at $290,000. Finally, SG Americas Securities LLC bought a new position in shares of Middlefield Banc during the 3rd quarter worth $116,000. Institutional investors own 31.72% of the company’s stock.

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.