Zacks Investment Research upgraded shares of MERIDIAN BK PAO/SH (NASDAQ:MRBK) from a hold rating to a strong-buy rating in a research report report published on Tuesday morning. The brokerage currently has $19.00 price objective on the stock.
According to Zacks, “Meridian Bank of Malvern offers deposit accounts, credit products, real estate financing, residential mortgages, investment and wealth management and electronic payments processing services. Meridian Bank of Malvern is based in United States. “
Separately, ValuEngine cut MERIDIAN BK PAO/SH from a hold rating to a sell rating in a report on Tuesday.
Shares of MERIDIAN BK PAO/SH stock remained flat at $$16.85 during mid-day trading on Tuesday. The company’s stock had a trading volume of 180 shares, compared to its average volume of 2,855. MERIDIAN BK PAO/SH has a fifty-two week low of $15.26 and a fifty-two week high of $21.37. The firm has a market capitalization of $107.71 million and a PE ratio of 24.42.
In related news, Director Robert M. Casciato purchased 3,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The stock was purchased at an average price of $17.40 per share, with a total value of $52,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Christopher J. Annas purchased 4,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The stock was bought at an average cost of $17.41 per share, with a total value of $69,640.00. The disclosure for this purchase can be found here. Insiders have acquired 8,000 shares of company stock valued at $138,790 in the last three months.
A hedge fund recently raised its stake in MERIDIAN BK PAO/SH stock. First Manhattan Co. lifted its stake in MERIDIAN BK PAO/SH (NASDAQ:MRBK) by 14.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 155,527 shares of the company’s stock after purchasing an additional 20,200 shares during the quarter. First Manhattan Co. owned about 2.43% of MERIDIAN BK PAO/SH worth $2,829,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 46.31% of the company’s stock.
About MERIDIAN BK PAO/SH
Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for retail and commercial customers primarily in southeastern Pennsylvania, Delaware, and south New Jersey. It offers non-interest bearing deposits and time deposits, as well as interest checking, money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as homeowner mortgages.
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