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

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

Middlefield Banc Stock Performance

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

Middlefield Banc (NASDAQ:MBCN) last released its quarterly 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 business had revenue of $26.41 million for the quarter, compared to analysts’ expectations of $17.10 million. On average, research analysts anticipate that Middlefield Banc will post 1.68 earnings per share for the current fiscal year.

Middlefield Banc Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend was Thursday, February 29th. Middlefield Banc’s dividend payout ratio is 39.02%.

Insider Buying and Selling at Middlefield Banc

In related news, Director Michael C. Voinovich bought 1,000 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were purchased at an average price of $26.67 per share, with a total value of $26,670.00. Following the completion of the purchase, the director now owns 8,253 shares of the company’s stock, valued at approximately $220,107.51. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.81% of the company’s stock.

Institutional Investors Weigh In On Middlefield Banc

Several large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in shares of 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 buying an additional 1,204 shares during the period. SG Americas Securities LLC acquired a new position in Middlefield Banc in the third quarter valued at about $116,000. Virtu Financial LLC bought a new stake in shares of Middlefield Banc in the fourth quarter worth about $273,000. Cerity Partners LLC acquired a new stake in shares of Middlefield Banc during the fourth quarter worth about $290,000. Finally, Redmont Wealth Advisors LLC grew its position in shares of 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 purchasing an additional 3,989 shares during the period. Institutional investors own 31.72% of the company’s stock.

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.