Middlefield Banc (NASDAQ:MBCN) has been assigned a $57.00 price target by equities researchers at Boenning Scattergood in a research report issued on Thursday. The brokerage currently has a “buy” rating on the bank’s stock. Boenning Scattergood’s price target indicates a potential upside of 23.22% from the company’s current price. Boenning Scattergood also issued estimates for Middlefield Banc’s Q4 2018 earnings at $0.99 EPS, FY2018 earnings at $3.76 EPS, Q1 2019 earnings at $0.96 EPS, Q2 2019 earnings at $0.99 EPS, Q3 2019 earnings at $1.03 EPS, Q4 2019 earnings at $1.02 EPS, FY2019 earnings at $4.00 EPS and FY2020 earnings at $4.28 EPS.
Separately, Zacks Investment Research lowered Middlefield Banc from a “buy” rating to a “hold” rating in a research note on Thursday, September 20th.
Shares of NASDAQ MBCN opened at $46.26 on Thursday. Middlefield Banc has a fifty-two week low of $42.95 and a fifty-two week high of $54.90. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.15. The company has a market cap of $149.89 million, a price-to-earnings ratio of 14.10 and a beta of 0.18.
Middlefield Banc (NASDAQ:MBCN) last issued its quarterly earnings data on Wednesday, October 17th. The bank reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.05. Middlefield Banc had a return on equity of 9.20% and a net margin of 21.86%. The firm had revenue of $11.20 million during the quarter, compared to analyst estimates of $11.14 million. Equities analysts expect that Middlefield Banc will post 3.7 earnings per share for the current fiscal year.
In other news, Director William J. Skidmore sold 700 shares of Middlefield Banc stock in a transaction that occurred on Thursday, August 2nd. The stock was sold at an average price of $50.45, for a total value of $35,315.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth E. Jones sold 1,275 shares of Middlefield Banc stock in a transaction that occurred on Tuesday, July 24th. The stock was sold at an average price of $48.45, for a total value of $61,773.75. The disclosure for this sale can be found here. 6.97% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Bessemer Group Inc. grew its position in shares of Middlefield Banc by 164.7% in the 2nd quarter. Bessemer Group Inc. now owns 4,500 shares of the bank’s stock worth $228,000 after acquiring an additional 2,800 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Middlefield Banc by 34.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 6,300 shares of the bank’s stock worth $320,000 after acquiring an additional 1,600 shares in the last quarter. Dimensional Fund Advisors LP acquired a new position in shares of Middlefield Banc in the 1st quarter worth approximately $370,000. Wells Fargo & Company MN grew its position in shares of Middlefield Banc by 147.1% in the 1st quarter. Wells Fargo & Company MN now owns 9,100 shares of the bank’s stock worth $447,000 after acquiring an additional 5,417 shares in the last quarter. Finally, Martingale Asset Management L P acquired a new position in shares of Middlefield Banc in the 2nd quarter worth approximately $710,000. Institutional investors own 31.36% 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 accepts checking, savings, negotiable order of withdrawal, and money market accounts, as well as time certificates of deposit and IRA accounts.
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