Zacks Investment Research Lowers Middlefield Banc Corp. (MBCN) to Strong Sell

Zacks Investment Research lowered shares of Middlefield Banc Corp. (NASDAQ:MBCN) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday morning.

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. “

Other equities analysts have also recently issued research reports about the stock. Boenning Scattergood reissued an outperform rating and issued a $54.00 price target on shares of Middlefield Banc Corp. in a research note on Monday, August 14th. Keefe, Bruyette & Woods reissued a hold rating and issued a $47.00 price target on shares of Middlefield Banc Corp. in a research note on Thursday, July 27th.

Middlefield Banc Corp. (NASDAQ MBCN) opened at $45.35 on Wednesday. The company has a market capitalization of $151.25 million, a price-to-earnings ratio of 15.18 and a beta of 0.16. The company has a current ratio of 1.01, a quick ratio of 1.00 and a debt-to-equity ratio of 0.34.

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A number of hedge funds have recently added to or reduced their stakes in MBCN. California State Teachers Retirement System purchased a new stake in shares of Middlefield Banc Corp. in the 2nd quarter valued at $232,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Middlefield Banc Corp. in the 2nd quarter valued at $145,000. State Street Corp purchased a new stake in shares of Middlefield Banc Corp. in the 2nd quarter valued at $1,336,000. Carnegie Capital Asset Management LLC purchased a new stake in shares of Middlefield Banc Corp. in the 2nd quarter valued at $3,555,000. Finally, Banc Funds Co. LLC boosted its stake in shares of Middlefield Banc Corp. by 106.1% in the 2nd quarter. Banc Funds Co. LLC now owns 84,991 shares of the bank’s stock valued at $4,284,000 after purchasing an additional 43,750 shares in the last quarter. 24.55% of the stock is owned by institutional investors and hedge funds.

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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