Flaharty Asset Management LLC Reduces Stock Holdings in Middlefield Banc Corp. $MBCN

Key Points

• Flaharty Asset Management LLC has significantly reduced its stake in Middlefield Banc Corp. by 50.2%, now holding approximately 0.11% of the bank's stock after selling 8,809 shares in the first quarter.
• Analysts from Keefe, Bruyette & Woods have raised the price target for Middlefield Banc shares to $33.00, while the consensus target price is $29.00.
• The bank announced a $0.21 quarterly dividend to be paid on September 12th, reflecting a 2.8% yield based on an annualized dividend of $0.84.

Flaharty Asset Management LLC decreased its holdings in Middlefield Banc Corp. (NASDAQ:MBCN - Free Report) by 50.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,753 shares of the bank's stock after selling 8,809 shares during the quarter. Flaharty Asset Management LLC owned about 0.11% of Middlefield Banc worth $245,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Empowered Funds LLC lifted its position in Middlefield Banc by 3.5% during the first quarter. Empowered Funds LLC now owns 17,863 shares of the bank's stock valued at $499,000 after buying an additional 598 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Middlefield Banc by 122.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,319 shares of the bank's stock worth $37,000 after purchasing an additional 726 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Middlefield Banc by 5.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 21,437 shares of the bank's stock worth $599,000 after purchasing an additional 1,164 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Middlefield Banc by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 80,885 shares of the bank's stock worth $2,269,000 after purchasing an additional 1,224 shares during the last quarter. Finally, Citadel Advisors LLC raised its position in shares of Middlefield Banc by 10.9% in the 4th quarter. Citadel Advisors LLC now owns 18,608 shares of the bank's stock worth $522,000 after purchasing an additional 1,827 shares during the last quarter. Hedge funds and other institutional investors own 31.72% of the company's stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $33.00 price target (up previously from $32.00) on shares of Middlefield Banc in a research report on Thursday, July 24th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $29.00.

Middlefield Banc Price Performance

MBCN opened at $29.90 on Wednesday. Middlefield Banc Corp. has a 1 year low of $22.74 and a 1 year high of $34.00. The stock has a 50-day moving average price of $29.84 and a 200-day moving average price of $28.26. The firm has a market cap of $241.59 million, a PE ratio of 13.29 and a beta of 0.45. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.98 and a quick ratio of 0.98.

Middlefield Banc (NASDAQ:MBCN - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The bank reported $0.76 EPS for the quarter, topping the consensus estimate of $0.57 by $0.19. Middlefield Banc had a return on equity of 8.54% and a net margin of 16.16%.The company had revenue of $20.52 million during the quarter, compared to the consensus estimate of $18.30 million. Sell-side analysts predict that Middlefield Banc Corp. will post 1.96 earnings per share for the current fiscal year.

Middlefield Banc Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.8%. The ex-dividend date is Friday, August 29th. Middlefield Banc's dividend payout ratio (DPR) is presently 37.33%.

Middlefield Banc Company Profile

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 offers checking, savings, negotiable order of withdrawal accounts, 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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