Middlefield Banc (NASDAQ:MBCN) Upgraded at ValuEngine

ValuEngine upgraded shares of Middlefield Banc (NASDAQ:MBCN) from a sell rating to a hold rating in a research note released on Friday, ValuEngine reports.

MBCN has been the topic of several other reports. Zacks Investment Research cut shares of Hancock Jaffe Laboratories from a buy rating to a hold rating in a research note on Wednesday, June 26th. Boenning Scattergood set a $54.00 price target on shares of Middlefield Banc and gave the company a buy rating in a research note on Tuesday, April 23rd.

MBCN opened at $41.16 on Friday. Middlefield Banc has a one year low of $38.50 and a one year high of $51.00. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.00 and a quick ratio of 0.99. The firm’s 50 day moving average is $40.39. The company has a market capitalization of $136.41 million, a PE ratio of 10.75 and a beta of 0.27.

Middlefield Banc (NASDAQ:MBCN) last released its quarterly earnings results on Monday, April 22nd. The bank reported $0.92 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.04 by ($0.12). Middlefield Banc had a net margin of 22.52% and a return on equity of 10.17%. The company had revenue of $11.36 million for the quarter, compared to the consensus estimate of $11.72 million. As a group, sell-side analysts anticipate that Middlefield Banc will post 3.97 EPS for the current fiscal year.

In other Middlefield Banc news, Director Darryl E. Mast acquired 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were acquired at an average cost of $39.65 per share, for a total transaction of $39,650.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased 2,200 shares of company stock worth $87,318 over the last 90 days. 6.88% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA lifted its holdings in Middlefield Banc by 696.3% in the first quarter. BNP Paribas Arbitrage SA now owns 645 shares of the bank’s stock valued at $27,000 after buying an additional 564 shares during the period. Bank of America Corp DE lifted its holdings in Middlefield Banc by 45.3% in the fourth quarter. Bank of America Corp DE now owns 2,528 shares of the bank’s stock valued at $108,000 after buying an additional 788 shares during the period. SG Americas Securities LLC acquired a new position in Middlefield Banc in the first quarter valued at approximately $131,000. LSV Asset Management acquired a new position in Middlefield Banc in the first quarter valued at approximately $199,000. Finally, Eidelman Virant Capital acquired a new position in Middlefield Banc in the second quarter valued at approximately $625,000. Institutional investors and hedge funds own 31.57% of the company’s stock.

About Middlefield Banc

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 accepts checking, savings, negotiable order of withdrawal, and money market accounts, as well as time certificates of deposit and IRA accounts.

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