Hovde Group Initiates Coverage on Middlefield Banc (NASDAQ:MBCN)

Stock analysts at Hovde Group began coverage on shares of Middlefield Banc (NASDAQ:MBCNGet Free Report) in a research report issued to clients and investors on Monday, StockNewsAPI reports. The brokerage set a “market perform” rating and a $25.00 price target on the bank’s stock. Hovde Group’s target price would indicate a potential upside of 7.76% from the stock’s previous close.

Middlefield Banc Trading Down 1.5 %

NASDAQ MBCN opened at $23.20 on Monday. Middlefield Banc has a 12 month low of $22.09 and a 12 month high of $37.00. The company has a 50-day moving average of $25.03 and a 200-day moving average of $27.50. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $187.69 million, a P/E ratio of 10.84 and a beta of 0.62.

Middlefield Banc (NASDAQ:MBCNGet Free Report) last posted its quarterly earnings data on Friday, January 26th. The bank reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.06). Middlefield Banc had a net margin of 17.91% and a return on equity of 8.93%. The company had revenue of $25.69 million for the quarter, compared to analyst estimates of $17.80 million. As a group, equities analysts predict that Middlefield Banc will post 1.68 earnings per share for the current year.

Insider Transactions at Middlefield Banc

In other news, Director Michael C. Voinovich bought 1,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was acquired at an average price of $26.67 per share, for a total transaction of $26,670.00. Following the acquisition, the director now owns 8,253 shares of the company’s stock, valued at $220,107.51. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.91% of the company’s stock.

Hedge Funds Weigh In On Middlefield Banc

A number of institutional investors and hedge funds have recently bought and sold shares of MBCN. BlackRock Inc. boosted its holdings in Middlefield Banc by 428.8% in the 2nd quarter. BlackRock Inc. now owns 412,495 shares of the bank’s stock worth $11,055,000 after acquiring an additional 334,482 shares during the period. Geode Capital Management LLC boosted its holdings in Middlefield Banc by 111.6% in the 2nd quarter. Geode Capital Management LLC now owns 150,235 shares of the bank’s stock worth $4,026,000 after acquiring an additional 79,250 shares during the period. State Street Corp boosted its holdings in Middlefield Banc by 374.2% in the 2nd quarter. State Street Corp now owns 92,474 shares of the bank’s stock worth $2,478,000 after acquiring an additional 72,974 shares during the period. Northern Trust Corp raised its position in shares of Middlefield Banc by 300.7% in the 2nd quarter. Northern Trust Corp now owns 64,947 shares of the bank’s stock valued at $1,741,000 after purchasing an additional 48,740 shares in the last quarter. Finally, Susquehanna International Group LLP raised its position in shares of Middlefield Banc by 381.1% in the 1st quarter. Susquehanna International Group LLP now owns 50,768 shares of the bank’s stock valued at $1,422,000 after purchasing an additional 40,215 shares in the last quarter. Hedge funds and other institutional investors own 31.72% of the company’s stock.

About Middlefield Banc

(Get Free Report)

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.

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