Keefe, Bruyette & Woods Reiterates "Market Perform" Rating for Middlefield Banc (NASDAQ:MBCN)

Keefe, Bruyette & Woods restated their market perform rating on shares of Middlefield Banc (NASDAQ:MBCN - Free Report) in a research report report published on Thursday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a $25.00 target price on the bank's stock, down from their previous target price of $30.00.

Several other equities research analysts have also issued reports on MBCN. Hovde Group decreased their price target on shares of Middlefield Banc from $25.00 to $23.00 and set a market perform rating for the company in a research note on Wednesday. StockNews.com upgraded shares of Middlefield Banc from a sell rating to a hold rating in a research note on Wednesday.

Middlefield Banc Stock Performance

Shares of Middlefield Banc stock traded up $1.11 during mid-day trading on Thursday, hitting $22.60. 8,749 shares of the stock were exchanged, compared to its average volume of 10,190. Middlefield Banc has a 12 month low of $21.36 and a 12 month high of $37.00. The company has a 50-day simple moving average of $23.29 and a 200 day simple moving average of $26.86. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $182.38 million, a P/E ratio of 11.02 and a beta of 0.65.

Middlefield Banc (NASDAQ:MBCN - Get Free Report) last posted its earnings results on Tuesday, April 30th. The bank reported $0.51 EPS for the quarter, topping the consensus estimate of $0.42 by $0.09. Middlefield Banc had a net margin of 16.41% and a return on equity of 8.33%. The firm had revenue of $26.41 million for the quarter, compared to analysts' expectations of $17.10 million. Sell-side analysts anticipate that Middlefield Banc will post 1.68 earnings per share for the current fiscal year.

Middlefield Banc Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.80 annualized dividend and a dividend yield of 3.54%. Middlefield Banc's payout ratio is currently 39.02%.

Insider Transactions at Middlefield Banc

In other Middlefield Banc news, Director Michael C. Voinovich acquired 1,000 shares of Middlefield Banc stock in a transaction that occurred on Friday, February 2nd. The stock was acquired at an average cost of $26.67 per share, for a total transaction of $26,670.00. Following the purchase, the director now owns 8,253 shares of the company's stock, valued at $220,107.51. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MBCN. SG Americas Securities LLC purchased a new position in Middlefield Banc in the 3rd quarter valued at approximately $116,000. Redmont Wealth Advisors LLC grew its stake in Middlefield Banc by 6.5% in the 3rd quarter. Redmont Wealth Advisors LLC now owns 32,126 shares of the bank's stock valued at $816,000 after buying an additional 1,961 shares in the last quarter. Cerity Partners LLC purchased a new position in Middlefield Banc in the 4th quarter valued at approximately $290,000. Virtu Financial LLC purchased a new position in shares of Middlefield Banc during the 4th quarter valued at $273,000. Finally, BNP Paribas Financial Markets grew its position in shares of Middlefield Banc by 48.9% during the 1st quarter. BNP Paribas Financial Markets now owns 3,668 shares of the bank's stock valued at $88,000 after purchasing an additional 1,204 shares in the last quarter. 31.72% of the stock is currently owned by hedge funds and other institutional investors.

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.