Zacks Investment Research upgraded shares of Middlefield Banc (NASDAQ:MBCN) from a hold rating to a buy rating in a report issued on Wednesday, January 3rd. Zacks Investment Research currently has $54.00 price objective on the bank’s stock.

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. “

A number of other research firms have also recently issued reports on MBCN. Keefe, Bruyette & Woods reiterated a hold rating and issued a $51.00 target price on shares of Middlefield Banc in a research note on Friday, December 22nd. ValuEngine cut shares of Middlefield Banc from a buy rating to a hold rating in a research note on Friday, December 22nd. Finally, Boenning Scattergood set a $54.00 price objective on shares of Middlefield Banc and gave the stock a buy rating in a research note on Tuesday, October 31st.

Shares of Middlefield Banc (MBCN) opened at $49.30 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.33. The company has a market cap of $160.73, a P/E ratio of 15.90 and a beta of 0.15. Middlefield Banc has a fifty-two week low of $39.00 and a fifty-two week high of $54.60.

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp bought a new position in Middlefield Banc during the second quarter worth $393,000. New York State Common Retirement Fund bought a new position in Middlefield Banc during the second quarter worth $141,000. TIAA CREF Investment Management LLC bought a new position in Middlefield Banc during the second quarter worth $347,000. Teachers Advisors LLC bought a new position in Middlefield Banc during the second quarter worth $230,000. Finally, Northern Trust Corp bought a new position in Middlefield Banc during the second quarter worth $1,262,000. 26.57% of the stock is currently owned by institutional investors and hedge funds.

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About Middlefield Banc

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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