Middlefield Banc Corp. (NASDAQ:MBCN) was the target of a sharp drop in short interest during the month of December. As of December 31, there was short interest totaling 7,600 shares, a decrease of 39.7% from the total of 12,600 shares as of December 15. Based on an average trading volume of 13,200 shares, the day-to-cover ratio is currently 0.6 days. Approximately 0.1% of the company’s shares are sold short.
A number of hedge funds have recently changed their positions in MBCN. Susquehanna Fundamental Investments LLC acquired a new stake in Middlefield Banc during the second quarter valued at $480,000. Ergoteles LLC acquired a new stake in shares of Middlefield Banc in the second quarter worth approximately $611,000. Ancora Advisors LLC increased its stake in shares of Middlefield Banc by 1.0% in the second quarter. Ancora Advisors LLC now owns 417,574 shares of the bank valued at $9,855,000 after buying an additional 4,035 shares last quarter. Renaissance Technologies LLC increased its holdings in Middlefield Banc by 7.6% in the second quarter. Renaissance Technologies LLC now owns 88,012 shares of the bank valued at $2,077,000 after purchasing an additional 6,200 shares in the last quarter. Finally, EJF Capital LLC bought a new position in Middlefield Banc in the second quarter worth approximately $2,281,000. 30.92% of the shares are currently held by hedge funds and other institutional investors.
Separately, Zacks Investment Research downgraded Middlefield Banc from a “strong buy” rating to a “hold” rating in a research report on Wednesday, December 22.
MBCN stock traded down $0.15 during Monday’s trading, hitting $25.69. 3,991 shares of the company have been traded, against an average volume of 5,622. The company has a 50-day moving average price of $25.54 and a two-hundred-day moving average price of $24.54. The stock has a market capitalization of $153.32 million, a price-earnings ratio of 9.92 and a beta of 0.83. Middlefield Banc has a 52-week low of $18.64 and a 52-week high of $27.77. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt ratio of 0.09.
Middlefield Banc Inc (NASDAQ:MBCN) last released its quarterly results on Sunday, October 17. The bank reported EPS of $0.85 for the quarter, beating the consensus estimate of $0.64 by $0.21. The company posted revenue of $14.32 million for the quarter, versus analyst estimates of $13.20 million. Middlefield Banc achieved a return on equity of 11.22% and a net margin of 27.25%. On average, equity research analysts expect Middlefield Banc to post earnings per share of 2.98 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, December 15. Shareholders of record on Friday, December 3 received a dividend of $0.17. The ex-dividend date was Thursday, December 2. This represents a dividend of $0.68 on an annualized basis and a dividend yield of 2.65%. This is a positive change from Middlefield Banc’s previous quarterly dividend of $0.16. Middlefield Banc’s payout ratio is currently 26.25%.
Middlefield Bank Company Profile
Middlefield Banc Corp. is a holding company that provides personal and commercial banking solutions. It offers checking accounts, savings accounts, negotiable withdrawal orders, money market accounts, term deposit certificates, business loans, home loans, a variety of consumer loans, safe deposit boxes and traveler’s check services.
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