Middlefield Banc (NASDAQ:MBCN) Upgraded at Weiss Ratings

Weiss Ratings upgraded shares of Middlefield Banc (NASDAQ:MBCN) from a hold (c) rating to a buy (b-) rating in a research note released on Saturday,Weiss Ratings reports.

Other analysts also recently issued reports about the company. Keefe, Bruyette & Woods restated a “market perform” rating and set a $35.00 target price (up from $32.00) on shares of Middlefield Banc in a research note on Thursday, October 23rd. Zacks Research downgraded Middlefield Banc from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 23rd. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.00.

Middlefield Banc Stock Performance

NASDAQ:MBCN opened at $33.66 on Friday. The firm has a 50-day moving average of $30.32 and a two-hundred day moving average of $29.25. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market cap of $272.01 million, a P/E ratio of 12.90 and a beta of 0.46. Middlefield Banc has a 1-year low of $22.74 and a 1-year high of $34.68.

Middlefield Banc (NASDAQ:MBCN) last announced its earnings results on Wednesday, October 22nd. The bank reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.01. The company had revenue of $19.89 million during the quarter, compared to the consensus estimate of $19.57 million. Middlefield Banc had a return on equity of 9.91% and a net margin of 18.39%. On average, research analysts expect that Middlefield Banc will post 1.96 earnings per share for the current fiscal year.

Middlefield Banc Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were given a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.84 annualized dividend and a dividend yield of 2.5%. Middlefield Banc’s dividend payout ratio (DPR) is presently 32.18%.

Hedge Funds Weigh In On Middlefield Banc

Several large investors have recently modified their holdings of MBCN. Bank of New York Mellon Corp lifted its position in shares of Middlefield Banc by 9.1% during the first quarter. Bank of New York Mellon Corp now owns 26,525 shares of the bank’s stock worth $741,000 after purchasing an additional 2,216 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Middlefield Banc by 5.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 21,437 shares of the bank’s stock worth $599,000 after acquiring an additional 1,164 shares during the last quarter. Deutsche Bank AG bought a new position in Middlefield Banc in the first quarter worth about $155,000. Nuveen LLC bought a new position in Middlefield Banc in the first quarter worth about $396,000. Finally, Elizabeth Park Capital Advisors Ltd. lifted its holdings in Middlefield Banc by 42.5% in the first quarter. Elizabeth Park Capital Advisors Ltd. now owns 27,731 shares of the bank’s stock worth $775,000 after acquiring an additional 8,269 shares during the last quarter. 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.