Flaharty Asset Management LLC Sells 8,809 Shares of 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 lessened its position in Middlefield Banc Corp. (NASDAQ:MBCN - Free Report) by 50.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,753 shares of the bank's stock after selling 8,809 shares during the quarter. Flaharty Asset Management LLC owned approximately 0.11% of Middlefield Banc worth $245,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MBCN. Tower Research Capital LLC TRC raised its position in Middlefield Banc by 122.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,319 shares of the bank's stock valued at $37,000 after buying an additional 726 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of Middlefield Banc during the 1st quarter worth approximately $155,000. GAMMA Investing LLC increased its position in shares of Middlefield Banc by 3,024.5% during the 1st quarter. GAMMA Investing LLC now owns 6,624 shares of the bank's stock worth $185,000 after purchasing an additional 6,412 shares during the last quarter. Bank of America Corp DE increased its position in shares of Middlefield Banc by 29.4% during the 4th quarter. Bank of America Corp DE now owns 10,174 shares of the bank's stock worth $285,000 after purchasing an additional 2,310 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Middlefield Banc during the 1st quarter worth approximately $396,000. Institutional investors and hedge funds own 31.72% of the company's stock.

Middlefield Banc Price Performance

Shares of NASDAQ:MBCN traded up $0.29 during trading on Monday, reaching $30.58. 861 shares of the company traded hands, compared to its average volume of 8,426. The company's 50 day moving average is $29.74 and its two-hundred day moving average is $28.37. The firm has a market capitalization of $247.05 million, a PE ratio of 13.59 and a beta of 0.45. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.05. Middlefield Banc Corp. has a 52 week low of $22.74 and a 52 week high of $34.00.

Middlefield Banc (NASDAQ:MBCN - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.76 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $18.30 million. As a group, sell-side analysts predict that Middlefield Banc Corp. will post 1.96 earnings per share for the current year.

Middlefield Banc Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a dividend of $0.21 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.7%. Middlefield Banc's payout ratio is 37.33%.

Wall Street Analyst Weigh In

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

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.