Middlefield Banc Corp. (MBCN) Coverage Initiated by Analysts at Boenning Scattergood
Equities research analysts at Boenning Scattergood started coverage on shares of Middlefield Banc Corp. (NASDAQ:MBCN) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set an “outperform” rating on the bank’s stock.
Separately, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Middlefield Banc Corp. in a research note on Thursday, July 27th.
Shares of Middlefield Banc Corp. (NASDAQ:MBCN) traded down 0.45% during mid-day trading on Tuesday, hitting $43.90. The company had a trading volume of 4,194 shares. The firm has a 50-day moving average price of $47.62 and a 200 day moving average price of $46.17. Middlefield Banc Corp. has a 12 month low of $32.45 and a 12 month high of $54.60. The firm has a market capitalization of $140.96 million, a P/E ratio of 14.78 and a beta of 0.16.
Middlefield Banc Corp. (NASDAQ:MBCN) last released its quarterly earnings data on Wednesday, July 26th. The bank reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.85 by $0.02. Middlefield Banc Corp. had a net margin of 18.69% and a return on equity of 8.97%. The firm had revenue of $10.27 million during the quarter. On average, equities research analysts forecast that Middlefield Banc Corp. will post $3.36 earnings per share for the current fiscal year.
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In other news, Director Darryl E. Mast acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 14th. The stock was purchased at an average cost of $52.42 per share, with a total value of $52,420.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Donald L. Stacy sold 750 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $54.00, for a total value of $40,500.00. The disclosure for this sale can be found here. Company insiders own 8.41% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. M3F Inc. purchased a new position in Middlefield Banc Corp. during the second quarter valued at $5,040,000. Carnegie Capital Asset Management LLC purchased a new position in Middlefield Banc Corp. during the second quarter valued at $3,555,000. Siena Capital Management LLC purchased a new position in Middlefield Banc Corp. during the second quarter valued at $3,780,000. Stieven Capital Advisors L.P. purchased a new position in Middlefield Banc Corp. during the second quarter valued at $3,585,000. Finally, Banc Funds Co. LLC increased its position in Middlefield Banc Corp. by 106.1% in the second quarter. Banc Funds Co. LLC now owns 84,991 shares of the bank’s stock valued at $4,284,000 after buying an additional 43,750 shares during the last quarter. 13.98% of the stock is owned by hedge funds and other institutional investors.
About Middlefield Banc Corp.
Middlefield Banc Corp. is a bank holding company. The Company’s subsidiaries include The Middlefield Banking Company (MBC) and EMORECO Inc MBC is engaged in the general commercial banking business in northeastern and central Ohio. MBC offers customers a range of banking services, including checking, savings, 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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