Middlefield Banc Corp. (NASDAQ:MBCN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Wednesday.

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. “

A number of other research firms have also commented on MBCN. 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. Boenning Scattergood set a $54.00 price objective on shares of Middlefield Banc Corp. and gave the company a “buy” rating in a research note on Tuesday.

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Institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund acquired a new position in shares of Middlefield Banc Corp. during the 2nd quarter valued at $141,000. The Manufacturers Life Insurance Company acquired a new position in shares of Middlefield Banc Corp. during the 2nd quarter valued at $145,000. Wells Fargo & Company MN lifted its position in shares of Middlefield Banc Corp. by 0.3% during the 2nd quarter. Wells Fargo & Company MN now owns 2,926 shares of the bank’s stock valued at $148,000 after acquiring an additional 10 shares during the period. Teachers Advisors LLC acquired a new position in shares of Middlefield Banc Corp. during the 2nd quarter valued at $230,000. Finally, California State Teachers Retirement System acquired a new position in shares of Middlefield Banc Corp. during the 2nd quarter valued at $232,000. Institutional investors own 24.55% of the company’s stock.

Middlefield Banc Corp. Company Profile

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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