Zacks Research Downgrades Middlefield Banc (NASDAQ:MBCN) to Hold

Key Points

• Zacks Research has downgraded Middlefield Banc from a "strong-buy" rating to a "hold" rating, indicating a shift in sentiment regarding the stock's performance.
• Keefe, Bruyette & Woods has set a target price of $33.00 for Middlefield Banc shares, reflecting a slight increase from a previous target of $32.00.
• Middlefield Banc reported quarterly earnings of $0.76 EPS, exceeding analysts' expectations, with revenue of $20.52 million compared to estimates of $18.30 million.

Middlefield Banc (NASDAQ:MBCN - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods restated a "market perform" rating and set a $33.00 target price (up from $32.00) on shares of Middlefield Banc in a research note on Thursday, July 24th. Three investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Middlefield Banc presently has an average rating of "Hold" and an average price target of $29.00.

Middlefield Banc Trading Down 3.3%

Shares of NASDAQ:MBCN opened at $30.36 on Tuesday. Middlefield Banc has a 12-month low of $22.74 and a 12-month high of $34.00. The business's fifty day simple moving average is $29.87 and its 200-day simple moving average is $28.64. The company has a market capitalization of $245.31 million, a PE ratio of 13.49 and a beta of 0.45. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.05.

Middlefield Banc (NASDAQ:MBCN - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.76 earnings per share (EPS) for the quarter, beating 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 business had revenue of $20.52 million for the quarter, compared to the consensus estimate of $18.30 million. As a group, equities research analysts predict that Middlefield Banc will post 1.96 earnings per share for the current fiscal year.

Institutional Trading of Middlefield Banc

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Police & Firemen s Retirement System of New Jersey lifted its position in Middlefield Banc by 107.2% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 2,047 shares of the bank's stock worth $62,000 after acquiring an additional 1,059 shares during the period. Tower Research Capital LLC TRC lifted its position in Middlefield Banc by 650.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,769 shares of the bank's stock worth $83,000 after acquiring an additional 2,400 shares during the period. Deutsche Bank AG acquired a new stake in Middlefield Banc during the 1st quarter worth about $155,000. GAMMA Investing LLC lifted its position in 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 acquiring an additional 6,412 shares during the period. Finally, Jane Street Group LLC acquired a new stake in Middlefield Banc during the 2nd quarter worth about $243,000. Institutional investors and hedge funds own 31.72% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.