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

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

Middlefield Banc Stock Up 2.6 %

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

Middlefield Banc (NASDAQ:MBCN) last issued its earnings results on Tuesday, April 30th. The bank reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.09. The business had revenue of $26.41 million for the quarter, compared to analyst estimates of $17.10 million. Middlefield Banc had a net margin of 16.41% and a return on equity of 8.33%. Analysts predict that Middlefield Banc will post 1.68 earnings per share for the current year.

Middlefield Banc Dividend Announcement

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

Institutional Trading of Middlefield Banc

Institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new position in shares of Middlefield Banc during the third quarter valued at $116,000. Redmont Wealth Advisors LLC lifted its holdings in 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 during the last quarter. Cerity Partners LLC acquired a new position in Middlefield Banc in the fourth quarter valued at about $290,000. Virtu Financial LLC bought a new stake in Middlefield Banc during the fourth quarter worth about $273,000. Finally, BNP Paribas Financial Markets grew 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 worth $88,000 after buying an additional 1,204 shares during the last quarter. Institutional investors and hedge funds 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.