Middlefield Banc (NASDAQ:MBCN) Releases Earnings Results

Key Points

• Middlefield Banc reported quarterly earnings of $0.65 per share, exceeding the expected $0.64, and generated revenue of $19.89 million, surpassing the consensus of $19.57 million.
• The company declared a quarterly dividend of $0.21, representing a 2.5% dividend yield and a payout ratio of 37.33%.
• Research analysts have a consensus rating of "Hold" on Middlefield Banc shares, with a target price of $29.00, indicating cautious optimism about its stock performance.

Middlefield Banc (NASDAQ:MBCN - Get Free Report) announced its quarterly earnings data on Wednesday. The bank reported $0.65 EPS for the quarter, beating the consensus estimate of $0.64 by $0.01, Zacks reports. The firm had revenue of $19.89 million for the quarter, compared to the consensus estimate of $19.57 million. Middlefield Banc had a net margin of 16.16% and a return on equity of 8.54%.

Middlefield Banc Trading Up 17.1%

MBCN stock traded up $4.89 during mid-day trading on Wednesday, reaching $33.50. 34,916 shares of the stock traded hands, compared to its average volume of 8,324. The business has a 50-day moving average price of $29.96 and a two-hundred day moving average price of $29.00. The stock has a market capitalization of $270.72 million, a PE ratio of 14.90 and a beta of 0.46. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.98 and a current ratio of 0.98. Middlefield Banc has a one year low of $22.74 and a one year high of $34.45.

Middlefield Banc Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 29th. Middlefield Banc's dividend payout ratio (DPR) is presently 37.33%.

Analysts Set New Price Targets

A number of research firms have commented on MBCN. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $33.00 price target (up from $32.00) on shares of Middlefield Banc in a report on Thursday, July 24th. Weiss Ratings reissued a "hold (c)" rating on shares of Middlefield Banc in a report on Wednesday, October 8th. Finally, Zacks Research lowered shares of Middlefield Banc from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 23rd. Four research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Middlefield Banc presently has a consensus rating of "Hold" and a consensus target price of $29.00.

Institutional Trading of Middlefield Banc

Several institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its stake in shares of Middlefield Banc by 650.4% during the second quarter. Tower Research Capital LLC TRC now owns 2,769 shares of the bank's stock valued at $83,000 after buying an additional 2,400 shares during the last quarter. Jane Street Group LLC purchased a new position in Middlefield Banc during the 2nd quarter valued at $243,000. Hsbc Holdings PLC bought a new position in Middlefield Banc in the 2nd quarter valued at $307,000. Bank of America Corp DE increased its stake in Middlefield Banc by 29.8% in the second quarter. Bank of America Corp DE now owns 13,195 shares of the bank's stock worth $397,000 after purchasing an additional 3,029 shares during the period. Finally, Empowered Funds LLC grew its holdings in shares of Middlefield Banc by 3.5% in the first quarter. Empowered Funds LLC now owns 17,863 shares of the bank's stock worth $499,000 after purchasing an additional 598 shares during the last quarter. Institutional investors own 31.72% 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 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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