MIDDLEFIELD, Ohio - Middlefield Banc Corp. (NASDAQ:MBCN), a bank holding company, announced on Tuesday that its Board of Directors has approved a quarterly cash dividend of $0.20 per common share. This dividend is scheduled to be distributed on June 14, 2024, to shareholders on record as of May 31, 2024.
The company, based in Middlefield, Ohio, reported having total assets worth $1.82 billion as of March 31, 2024.
Middlefield Banc Corp. operates through The Middlefield Banking Company, which has a network of 21 full-service banking centers and an LPL Financial (NASDAQ:LPLA)® brokerage office. These branches are spread across various locations in Ohio, including Ada, Beachwood, Bellefontaine, and others, with a Loan Production Office also present in Mentor, Ohio.
This dividend declaration is part of the company's regular financial operations and is based on the press release statement issued by Middlefield Banc Corp.
InvestingPro Insights
As Middlefield Banc Corp. (NASDAQ:MBCN) continues to navigate the complex financial landscape, investors are considering various metrics to gauge the company’s performance and future prospects. According to InvestingPro data, Middlefield Banc Corp. has a market capitalization of $179.49 million, with a price-to-earnings (P/E) ratio of 10.66, reflecting the market's view of the company's earnings potential. The P/E ratio has remained steady over the last twelve months as of Q1 2024, with a slight adjustment to 10.67. Additionally, revenue growth has been positive at 10.34% over the same period, indicating the company's ability to increase its top-line sales.
However, it's worth noting that the company has experienced a quarterly revenue decline of -4.4% in Q1 2024, which may prompt investors to scrutinize the reasons behind this dip. Despite this, Middlefield Banc Corp. maintains a dividend yield of 4.72%, which could be appealing for income-focused investors, especially considering the company has raised its dividend for 4 consecutive years and has maintained dividend payments for 22 consecutive years.
Among the InvestingPro Tips, two analysts have revised their earnings upwards for the upcoming period, which could signal confidence in the company's earnings trajectory. On the other hand, the company suffers from weak gross profit margins and is expected to see a drop in net income this year, which are factors investors should weigh carefully. Nevertheless, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months.
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