Meridian (NASDAQ:MRBK – Get Free Report)‘s stock had its “overweight” rating reaffirmed by investment analysts at Piper Sandler in a report issued on Thursday, Benzinga reports. They currently have a $20.00 price objective on the stock, down from their previous price objective of $24.00. Piper Sandler‘s price target indicates a potential upside of 26.65% from the company’s previous close.
Several other research firms have also commented on MRBK. DA Davidson lowered shares of Meridian from a “buy” rating to a “neutral” rating and decreased their price target for the company from $22.00 to $20.00 in a research report on Tuesday. Weiss Ratings raised Meridian from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, August 14th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $20.00.
View Our Latest Stock Analysis on Meridian
Meridian Trading Down 7.8%
Meridian stock traded down $1.33 during mid-day trading on Thursday, hitting $15.79. The company’s stock had a trading volume of 47,813 shares, compared to its average volume of 102,330. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 0.98. The company has a 50 day moving average of $18.96 and a 200-day moving average of $19.23. Meridian has a one year low of $13.92 and a one year high of $21.67. The stock has a market cap of $188.37 million, a PE ratio of 8.29 and a beta of 0.65.
Meridian (NASDAQ:MRBK – Get Free Report) last issued its earnings results on Friday, October 30th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). The company had revenue of $30.14 million for the quarter, compared to analysts’ expectations of $33.05 million. Meridian had a net margin of 11.46% and a return on equity of 11.37%. On average, research analysts anticipate that Meridian will post 1.63 EPS for the current year.
Institutional Trading of Meridian
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Hillsdale Investment Management Inc. acquired a new stake in Meridian in the 1st quarter worth about $345,000. Hsbc Holdings PLC acquired a new stake in shares of Meridian in the first quarter valued at $416,000. Ancora Advisors LLC acquired a new stake in Meridian during the 2nd quarter worth approximately $660,000. Squarepoint Ops LLC boosted its stake in shares of Meridian by 103.9% in the 2nd quarter. Squarepoint Ops LLC now owns 64,257 shares of the company’s stock valued at $1,287,000 after buying an additional 32,739 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Meridian by 9.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 434,002 shares of the company’s stock valued at $8,229,000 after acquiring an additional 38,719 shares during the last quarter. 58.56% of the stock is currently owned by hedge funds and other institutional investors.
About Meridian
Meridian Corporation is a bank holding company headquartered in Malvern, Pennsylvania. Through its principal subsidiary, Meridian Bank, the company provides commercial and community banking services to businesses, professionals and individuals in the Mid-Atlantic region.
Meridian Bank offers business lending, commercial real estate financing, construction loans, equipment financing, residential and consumer lending, deposit accounts, cash-management services and online banking. The company also provides mortgage banking and wealth management services, including investment and financial planning solutions.
Meridian was established in 2004 and serves customers through a network of banking offices in southeastern Pennsylvania, New Jersey and surrounding markets.
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