Wall Street Zen cut shares of Meridian (NASDAQ:MRBK – Free Report) from a hold rating to a sell rating in a research report released on Saturday,Wall Street Zen reports.
A number of other research analysts have also issued reports on the stock. Weiss Ratings upgraded shares of Meridian from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, August 14th. DA Davidson cut shares of Meridian from a “buy” rating to a “neutral” rating and cut their price target for the stock from $22.00 to $20.00 in a report on Tuesday, November 3rd. Finally, Piper Sandler restated an “overweight” rating and issued a $20.00 price objective (down from $24.00) on shares of Meridian in a research report on Thursday. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $20.00.
Check Out Our Latest Stock Analysis on Meridian
Meridian Stock Performance
Shares of MRBK opened at $16.47 on Friday. 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 stock has a market capitalization of $196.47 million, a P/E ratio of 8.62 and a beta of 0.65. The company’s fifty day moving average is $18.85 and its two-hundred day moving average is $19.21. Meridian has a 1 year low of $13.92 and a 1 year high of $21.67.
Meridian (NASDAQ:MRBK – Get Free Report) last announced its quarterly earnings data on Friday, October 30th. The company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.03). Meridian had a return on equity of 11.37% and a net margin of 11.46%. The firm had revenue of $30.14 million for the quarter, compared to analysts’ expectations of $33.05 million. On average, sell-side analysts predict that Meridian will post 1.47 earnings per share for the current year.
Meridian Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 9th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, November 9th. This represents a $0.56 dividend on an annualized basis and a yield of 3.4%. Meridian’s payout ratio is presently 29.32%.
Institutional Trading of Meridian
Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Meridian in the 2nd quarter valued at about $13,832,000. Dimensional Fund Advisors LP increased its stake in shares of Meridian by 9.8% during 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. Ancora Advisors LLC purchased a new position in shares of Meridian during the 2nd quarter worth about $660,000. Squarepoint Ops LLC lifted its holdings in shares of Meridian by 103.9% during the 2nd quarter. Squarepoint Ops LLC now owns 64,257 shares of the company’s stock worth $1,287,000 after acquiring an additional 32,739 shares during the period. Finally, Hsbc Holdings PLC purchased a new position in shares of Meridian during the 1st quarter worth about $416,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.
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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