Boenning & Scattergood Reiterates a Buy Rating on Middlefield Banc Corp (MBCN)


In a report released today, Scott Beury from Boenning & Scattergood reiterated a Buy rating on Middlefield Banc Corp (MBCN). The company’s shares opened today at $42.85.

Beury said:

“We believe MBCN shares present investors with an opportunity to gain exposure to a bank with steady organic growth, proven credit discipline, and prudent expense control, at an attractive valuation. Management’s dedicated effort to build shareholder value through geographic expansion, strategic acquisitions, and increased visibility within the investor community has meaningfully impacted the stock’s performance. While these outsized benefits are likely in the rearview, we remain attracted to Middlefield’s combination of strong fundamentals and the stock’s improved liquidity profile. The shares trade at a discount to peers on both 2019 P/E (10.1x vs. 11.1x peer median) and price-to-tangible book (125% vs. 156%).”

According to TipRanks.com, Beury is a 2-star analyst with an average return of -0.6% and a 40.0% success rate. Beury covers the Financial sector, focusing on stocks such as Farmers & Merchants Bancorp, Inc., Farmers National Banc Corp Oh, and Old National Bancorp Capital.

The the analyst consensus on Middlefield Banc Corp is currently a Hold rating.

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The company has a one-year high of $54.90 and a one-year low of $38.50. Currently, Middlefield Banc Corp has an average volume of 2,596.

Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MBCN in relation to earlier this year.

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Middlefield Banc Corp. is a holding company, which engages in the provision of personal and commercial banking services. It operates through the following segments: Commercial and Industrial, Real Estate Construction, Residential, Commercial, and Consumer Installment. The company was founded in 1988 and is headquartered in Middlefield, OH.