Middlefield Banc (NASDAQ:MBCN) Stock Passes Below Fifty Day Moving Average - Here's What Happened

Key Points

• Middlefield Banc's stock price has fallen below its fifty-day moving average of $29.62, trading at $28.54 with a volume of 4,576 shares.
• Keefe, Bruyette & Woods has restated a "market perform" rating on Middlefield Banc with an increased target price of $33.00.
• The company recently declared a quarterly dividend of $0.21 per share, representing an annualized yield of 2.9% and a payout ratio of 37.33%.

Middlefield Banc Corp. (NASDAQ:MBCN - Get Free Report) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $29.62 and traded as low as $28.54. Middlefield Banc shares last traded at $28.54, with a volume of 4,576 shares trading hands.

Analysts Set New Price Targets

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

Middlefield Banc Stock Performance

The company has a market capitalization of $231.77 million, a PE ratio of 12.75 and a beta of 0.47. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.98 and a current ratio of 0.98. The stock's fifty day simple moving average is $29.58 and its 200-day simple moving average is $27.80.

Middlefield Banc (NASDAQ:MBCN - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.76 earnings per share for the quarter, beating 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. As a group, equities analysts predict that Middlefield Banc Corp. will post 1.96 earnings per share for the current year.

Middlefield Banc Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, August 29th. This represents a $0.84 dividend on an annualized basis and a yield of 2.9%. Middlefield Banc's dividend payout ratio (DPR) is presently 37.33%.

Institutional Investors Weigh In On Middlefield Banc

Several large investors have recently made changes to their positions in MBCN. Tower Research Capital LLC TRC lifted its holdings in shares of Middlefield Banc by 650.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,769 shares of the bank's stock valued at $83,000 after acquiring an additional 2,400 shares in the last quarter. Bridgeway Capital Management LLC lifted its stake in shares of Middlefield Banc by 1.5% during the second quarter. Bridgeway Capital Management LLC now owns 48,603 shares of the bank's stock worth $1,463,000 after purchasing an additional 740 shares in the last quarter. Bank of America Corp DE boosted its position in shares of 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 buying an additional 3,029 shares during the period. Jane Street Group LLC acquired a new stake in shares of Middlefield Banc in the second quarter valued at about $243,000. Finally, Elizabeth Park Capital Advisors Ltd. grew its stake in shares of Middlefield Banc by 211.2% in the second quarter. Elizabeth Park Capital Advisors Ltd. now owns 86,307 shares of the bank's stock valued at $2,599,000 after buying an additional 58,576 shares in the last quarter. Institutional investors and hedge funds 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.