Middlefield Banc's (MBCN) "Market Perform" Rating Reaffirmed at Keefe, Bruyette & Woods

Key Points

• Middlefield Banc's stock rating was reaffirmed as "market perform" by Keefe, Bruyette & Woods, with a new price target of $35.00, indicating a potential upside of 3.46% from its previous close.
• Institutional investors have increased their stakes in Middlefield Banc, with significant growth reported by entities such as the Police & Firemen's Retirement System of New Jersey and Tower Research Capital LLC TRC.
• In its most recent earnings report, Middlefield Banc posted $0.65 earnings per share, slightly exceeding analyst expectations of $0.64.

Middlefield Banc (NASDAQ:MBCN - Get Free Report)'s stock had its "market perform" rating reiterated by research analysts at Keefe, Bruyette & Woods in a research report issued on Thursday,Benzinga reports. They presently have a $35.00 price objective on the bank's stock, up from their previous price objective of $32.00. Keefe, Bruyette & Woods' target price suggests a potential upside of 3.46% from the stock's previous close.

Several other brokerages have also commented on MBCN. Weiss Ratings reissued a "hold (c)" rating on shares of Middlefield Banc in a report on Wednesday, October 8th. Zacks Research lowered Middlefield Banc from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 23rd. Four investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $30.00.

Middlefield Banc Price Performance

NASDAQ:MBCN traded up $0.33 during trading hours on Thursday, reaching $33.83. 15,122 shares of the company traded hands, compared to its average volume of 8,935. The firm's 50-day moving average is $30.02 and its 200-day moving average is $29.03. The stock has a market cap of $273.34 million, a P/E ratio of 15.02 and a beta of 0.46. Middlefield Banc has a 1-year low of $22.74 and a 1-year high of $34.50. 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 earnings results on Wednesday, October 22nd. The bank reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.01. Middlefield Banc had a net margin of 16.16% and a return on equity of 8.54%. The business had revenue of $19.89 million for the quarter, compared to the consensus estimate of $19.57 million. Equities research analysts expect that Middlefield Banc will post 1.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Middlefield Banc by 107.2% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 2,047 shares of the bank's stock worth $62,000 after purchasing an additional 1,059 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Middlefield Banc by 650.4% in 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 in the last quarter. Deutsche Bank AG purchased a new stake in shares of Middlefield Banc during the 1st quarter worth about $155,000. Jane Street Group LLC acquired a new position in Middlefield Banc in the second quarter worth about $243,000. Finally, Hsbc Holdings PLC acquired a new stake in Middlefield Banc in the second quarter worth about $307,000. 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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