Middlefield Banc (NASDAQ:MBCN – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The firm currently has a $29.00 price objective on the bank’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.62% from the company’s current price.
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. “
Separately, StockNews.com assumed coverage on shares of Middlefield Banc in a research report on Wednesday. They set a “buy” rating for the company.
Middlefield Banc (NASDAQ:MBCN – Get Rating) last issued its earnings results on Thursday, April 21st. The bank reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.03. Middlefield Banc had a net margin of 31.63% and a return on equity of 12.55%. Analysts anticipate that Middlefield Banc will post 2.42 earnings per share for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its position in shares of Middlefield Banc by 1.8% in the third quarter. Dimensional Fund Advisors LP now owns 93,053 shares of the bank’s stock valued at $2,240,000 after acquiring an additional 1,675 shares during the period. Alliancebernstein L.P. boosted its position in shares of Middlefield Banc by 146.5% in the third quarter. Alliancebernstein L.P. now owns 96,552 shares of the bank’s stock valued at $2,300,000 after acquiring an additional 57,387 shares during the period. Millennium Management LLC boosted its position in shares of Middlefield Banc by 5.5% in the fourth quarter. Millennium Management LLC now owns 56,862 shares of the bank’s stock valued at $1,411,000 after acquiring an additional 2,972 shares during the period. BlackRock Inc. boosted its position in shares of Middlefield Banc by 49.0% in the fourth quarter. BlackRock Inc. now owns 23,650 shares of the bank’s stock valued at $587,000 after acquiring an additional 7,782 shares during the period. Finally, State Street Corp boosted its position in shares of Middlefield Banc by 12.3% in the fourth quarter. State Street Corp now owns 16,377 shares of the bank’s stock valued at $406,000 after acquiring an additional 1,800 shares during the period. Institutional investors own 30.23% of the company’s stock.
Middlefield Banc Company Profile (Get Rating)
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 provides 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.
- Get a free copy of the StockNews.com research report on Middlefield Banc (MBCN)
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