Meridian Co. (NASDAQ:MRBK) was the recipient of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 84,300 shares, a growth of 30.7% from the March 31st total of 64,500 shares. Approximately 1.6% of the company’s stock are short sold. Based on an average daily trading volume, of 33,800 shares, the days-to-cover ratio is currently 2.5 days.
MRBK stock traded down $0.14 during mid-day trading on Tuesday, hitting $26.18. The company had a trading volume of 19,267 shares, compared to its average volume of 32,547. The firm has a market cap of $161.48 million, a PE ratio of 7.86 and a beta of 0.49. The company has a debt-to-equity ratio of 2.21, a quick ratio of 1.04 and a current ratio of 1.21. Meridian has a 12 month low of $12.70 and a 12 month high of $27.96. The stock’s fifty day moving average price is $25.85 and its two-hundred day moving average price is $22.24.
Meridian (NASDAQ:MRBK) last announced its quarterly earnings data on Sunday, April 25th. The company reported $1.65 EPS for the quarter, topping the consensus estimate of $1.12 by $0.53. The business had revenue of $42.17 million for the quarter, compared to analyst estimates of $33.15 million. Meridian had a net margin of 16.13% and a return on equity of 16.59%. Equities analysts anticipate that Meridian will post 3.62 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 17th. Stockholders of record on Monday, May 10th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Friday, May 7th. Meridian’s dividend payout ratio (DPR) is currently 28.90%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Hoover Financial Advisors Inc. bought a new stake in shares of Meridian in the fourth quarter valued at approximately $64,000. Wedge Capital Management L L P NC bought a new stake in Meridian during the 1st quarter worth approximately $312,000. Dimensional Fund Advisors LP increased its holdings in Meridian by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 12,394 shares of the company’s stock worth $258,000 after acquiring an additional 572 shares during the period. Barclays PLC increased its holdings in Meridian by 675.0% during the 4th quarter. Barclays PLC now owns 18,654 shares of the company’s stock worth $388,000 after acquiring an additional 16,247 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Meridian by 53.0% during the 4th quarter. Bank of New York Mellon Corp now owns 19,025 shares of the company’s stock worth $396,000 after acquiring an additional 6,590 shares during the period. 39.47% of the stock is currently owned by institutional investors.
Separately, Zacks Investment Research upgraded shares of Meridian from a “sell” rating to a “hold” rating in a report on Tuesday.
Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for small and middle market businesses primarily in southeast Pennsylvania, Delaware, and southern New Jersey. The company offers non-interest and interest checking deposits and time deposits, as well as money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as business lines of credit, term loans, small business lending, lease financing, and shared national credits.
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