Middlefield Banc Corp. (NASDAQ:MBCN) Cut to Strong Sell at Zacks Investment Research

Middlefield Banc Corp. (NASDAQ:MBCN) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday, November 1st.

According to Zacks, “Middlefield Banc Corp. is a bank holding company for The Middlefield Banking Company. It offers its customers a broad range of banking services, including checking, savings, and negotiable order of withdrawal (NOW) accounts; money market accounts; time certificates of deposit, commercial loans, real estate loans, and various types of consumer loans; safe deposit facilities, and traveller’s checks. The Company also offers online banking and bill payment services. Middlefield Banc Corp. is headquartered in Middlefield, Ohio. “

Several other analysts also recently weighed in on the company. Keefe, Bruyette & Woods restated a “hold” rating and set a $47.00 target price on shares of Middlefield Banc Corp. in a research note on Thursday, July 27th. Boenning Scattergood set a $54.00 target price on Middlefield Banc Corp. and gave the stock a “buy” rating in a report on Tuesday, October 31st.

Middlefield Banc Corp. (NASDAQ:MBCN) opened at $44.25 on Wednesday. Middlefield Banc Corp. has a 52-week low of $34.60 and a 52-week high of $54.60. The firm has a market capitalization of $142.25, a price-to-earnings ratio of 14.27 and a beta of 0.16. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.01 and a quick ratio of 1.00.

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Several hedge funds have recently made changes to their positions in MBCN. SG Americas Securities LLC acquired a new position in Middlefield Banc Corp. in the third quarter valued at approximately $376,000. Bank of New York Mellon Corp lifted its holdings in Middlefield Banc Corp. by 19.7% in the third quarter. Bank of New York Mellon Corp now owns 9,317 shares of the bank’s stock valued at $430,000 after buying an additional 1,536 shares during the period. California State Teachers Retirement System acquired a new position in Middlefield Banc Corp. in the second quarter valued at approximately $232,000. The Manufacturers Life Insurance Company acquired a new position in Middlefield Banc Corp. in the second quarter valued at approximately $145,000. Finally, State Street Corp acquired a new position in Middlefield Banc Corp. in the second quarter valued at approximately $1,336,000. Institutional investors own 24.55% of the company’s stock.

Middlefield Banc Corp. Company Profile

Middlefield Banc Corp. is a bank holding company. The Company’s subsidiaries include The Middlefield Banking Company (MBC) and EMORECO Inc MBC is engaged in the general commercial banking business in northeastern and central Ohio. MBC offers customers a range of banking services, including checking, savings, 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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