Middlefield Banc (NASDAQ:MBCN) Price Target Cut to $23.00

Middlefield Banc (NASDAQ:MBCN) had its price target decreased by Hovde Group from $25.00 to $23.00 in a report published on Wednesday, Marketbeat reports. Hovde Group currently has a market perform rating on the bank’s stock.

Middlefield Banc Price Performance

Middlefield Banc stock opened at $21.49 on Wednesday. The business’s 50 day simple moving average is $23.32 and its 200 day simple moving average is $26.89. Middlefield Banc has a 12 month low of $21.36 and a 12 month high of $37.00. The company has a market cap of $173.42 million, a price-to-earnings ratio of 10.48 and a beta of 0.65. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.06.

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

Middlefield Banc Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $0.80 dividend on an annualized basis and a yield of 3.72%. Middlefield Banc’s dividend payout ratio is presently 39.02%.

Insider Activity

In other Middlefield Banc news, Director Michael C. Voinovich acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was bought at an average cost of $26.67 per share, with a total value of $26,670.00. Following the acquisition, the director now owns 8,253 shares in the company, valued at $220,107.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.81% of the company’s stock.

Institutional Investors Weigh In On Middlefield Banc

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

Middlefield Banc Company Profile

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.