Middlefield Banc (MBCN) Rating Increased to Buy at Zacks Investment Research
Middlefield Banc (NASDAQ:MBCN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $54.00 price target on the bank’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.76% from the company’s previous close.
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 brokerages also recently issued reports on MBCN. Keefe, Bruyette & Woods reissued a “hold” rating and set a $51.00 price objective on shares of Middlefield Banc in a research report on Friday, December 22nd. ValuEngine downgraded shares of Middlefield Banc from a “buy” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Boenning Scattergood set a $54.00 price objective on shares of Middlefield Banc and gave the company a “buy” rating in a research report on Tuesday, October 31st.
Several hedge funds have recently modified their holdings of MBCN. Schwab Charles Investment Management Inc. bought a new stake in shares of Middlefield Banc during the 2nd quarter valued at $237,000. Bank of New York Mellon Corp purchased a new position in shares of Middlefield Banc during the 2nd quarter valued at $393,000. Wells Fargo & Company MN lifted its stake in shares of Middlefield Banc 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 buying an additional 10 shares in the last quarter. Teachers Advisors LLC purchased a new position in shares of Middlefield Banc during the 2nd quarter valued at $230,000. Finally, TIAA CREF Investment Management LLC purchased a new position in shares of Middlefield Banc during the 2nd quarter valued at $347,000. 26.57% of the stock is owned by hedge funds and other institutional investors.
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Middlefield Banc 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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