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Michael C. Voinovich, a director at Middlefield Banc Corp (NASDAQ:MBCN), recently acquired 120 shares of the company’s common stock, amounting to a total value of $3,120. The shares were purchased at a price of $26.00 each, slightly above the current trading price of $25.06. This transaction increases Voinovich’s indirect holdings, which are held in an IRA, to a total of 768.78 shares. The purchase comes as InvestingPro data shows the stock trading below book value with a P/B ratio of 0.96.
In addition to his latest purchase, Voinovich has various holdings in Middlefield Banc Corp, including 3,122.425 shares held directly and additional shares held in different accounts such as a Roth IRA and a Rabbi Trust. These transactions reflect Voinovich’s ongoing investment in the company, which operates as a state commercial bank with a market capitalization of $203 million. The bank maintains a solid 3.35% dividend yield and has consistently paid dividends for 23 consecutive years. Want deeper insights into insider trading patterns and valuation metrics? InvestingPro offers exclusive analysis with 6 additional key insights for MBCN.
In other recent news, Middlefield Banc has announced a 5% increase in its quarterly dividend, raising it to $0.21 per share for the first quarter of 2025. This adjustment represents a $0.01 increase from the previous quarter and translates to an annual dividend of $0.84 per share, with a 3.14% current yield. The bank’s strong capital levels, highlighted by a Tangible Common Equity ratio of 9.31% in the fourth quarter of 2024, support this dividend increase. Keefe, Bruyette & Woods maintained a Market Perform rating on Middlefield Banc, with a price target of $32.00, and noted the bank’s robust return profile and growing excess capital.
Additionally, Middlefield Banc Corp has awarded conditional stock to its executive officers, including President and CEO Ronald L. Zimmerly Jr. and CFO Michael C. Ranttila. These awards, consisting of performance stock units (PSUs) and restricted stock units (RSUs), are part of the company’s 2017 Omnibus Equity Plan. The PSUs are linked to the company’s return on average assets relative to similar banks, while the RSUs are time-vested to encourage retention. The vesting of these units is contingent on performance over a three-year period ending December 31, 2027, and employment conditions.
In the event of a change in control, the PSUs may either vest fully or convert into time-based restricted stock units of the successor entity. These recent developments reflect Middlefield Banc’s strategy to maintain financial stability while aligning executive incentives with shareholder interests.
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