Zacks Investment Research lowered shares of Middlefield Banc (NASDAQ:MBCN) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Middlefield Banc Corp. is a bank holding company for The Middlefield Banking Company. It offers its customers a broad range of banking services, including checking, savings, and negotiable order of withdrawal (NOW) accounts; money market accounts; time certificates of deposit, commercial loans, real estate loans, and various types of consumer loans; safe deposit facilities, and traveller’s checks. The Company also offers online banking and bill payment services. Middlefield Banc Corp. is headquartered in Middlefield, Ohio. “
Several other brokerages also recently weighed in on MBCN. ValuEngine raised shares of Middlefield Banc from a hold rating to a buy rating in a research report on Friday, February 2nd. Boenning Scattergood reissued a buy rating on shares of Middlefield Banc in a research report on Wednesday, January 31st. Finally, Keefe, Bruyette & Woods reissued a hold rating and set a $51.00 price target on shares of Middlefield Banc in a research report on Friday, December 22nd.
Middlefield Banc (NASDAQ:MBCN) last announced its earnings results on Wednesday, January 24th. The bank reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.62. Middlefield Banc had a net margin of 19.35% and a return on equity of 8.08%. The business had revenue of $10.72 million during the quarter, compared to the consensus estimate of $10.71 million. sell-side analysts anticipate that Middlefield Banc will post 4.04 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, March 15th. Investors of record on Wednesday, February 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $1.12 annualized dividend and a dividend yield of 2.25%. This is an increase from Middlefield Banc’s previous quarterly dividend of $0.27. Middlefield Banc’s dividend payout ratio (DPR) is 32.93%.
In related news, Director William A. Et Al Valerian sold 600 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $49.34, for a total transaction of $29,604.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth E. Jones sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $48.08, for a total transaction of $96,160.00. The disclosure for this sale can be found here. Insiders have sold 15,850 shares of company stock valued at $780,128 in the last three months. 8.41% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Carnegie Capital Asset Management LLC boosted its holdings in Middlefield Banc by 4.4% in the fourth quarter. Carnegie Capital Asset Management LLC now owns 87,931 shares of the bank’s stock worth $4,373,000 after purchasing an additional 3,700 shares during the last quarter. Northern Trust Corp purchased a new stake in Middlefield Banc in the second quarter worth approximately $1,262,000. Kennedy Capital Management Inc. boosted its holdings in Middlefield Banc by 240.8% in the fourth quarter. Kennedy Capital Management Inc. now owns 64,713 shares of the bank’s stock worth $3,119,000 after purchasing an additional 45,722 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Middlefield Banc in the third quarter worth approximately $376,000. Finally, Shaker Investments LLC OH purchased a new stake in Middlefield Banc in the fourth quarter worth approximately $371,000. 24.91% of the stock is owned by institutional investors.
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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 accepts checking, savings, negotiable order of withdrawal, and money market accounts, as well as time certificates of deposit and IRA accounts.
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