Middlefield Banc (NASDAQ:MBCN) Given New $23.00 Price Target at Hovde Group

Middlefield Banc (NASDAQ:MBCN) had its target price lowered by research analysts at Hovde Group from $25.00 to $23.00 in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm presently has a “market perform” rating on the bank’s stock. Hovde Group’s price objective suggests a potential upside of 7.13% from the company’s previous close.

Middlefield Banc Stock Performance

MBCN opened at $21.47 on Wednesday. Middlefield Banc has a 12-month low of $21.36 and a 12-month high of $37.00. The company has a market cap of $173.26 million, a price-to-earnings ratio of 10.03 and a beta of 0.62. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $23.37 and its 200 day moving average is $26.92.

Insiders Place Their Bets

In other news, Director Michael C. Voinovich purchased 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was bought at an average cost of $26.67 per share, with a total value of $26,670.00. Following the completion of the purchase, the director now owns 8,253 shares in the company, valued at $220,107.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Middlefield Banc

A number of institutional investors and hedge funds have recently made changes to their positions in MBCN. SG Americas Securities LLC bought a new stake in shares of Middlefield Banc in the 3rd quarter valued at approximately $116,000. Redmont Wealth Advisors LLC grew its holdings in Middlefield Banc by 6.5% during the 3rd quarter. Redmont Wealth Advisors LLC now owns 32,126 shares of the bank’s stock valued at $816,000 after purchasing an additional 1,961 shares during the last quarter. Cerity Partners LLC purchased a new stake in Middlefield Banc in the 4th quarter worth about $290,000. Finally, Virtu Financial LLC bought a new stake in Middlefield Banc in the fourth quarter worth about $273,000. 31.72% of the stock is 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.