Key Points
- Meridian Bank director Anthony Mark Imbesi bought 1,000 shares on May 13 at an average price of $17.38, increasing his stake to 386,156 shares valued at about $6.71 million.
- The bank recently missed quarterly earnings estimates, posting EPS of $0.39 versus $0.48 expected and revenue of $30.24 million versus $31.79 million forecast.
- Meridian Bank also paid a quarterly dividend of $0.14 per share, equal to a 3.2% annualized yield, while analysts currently rate the stock a “Moderate Buy” with an average target price of $22.00.
Meridian Bank (NASDAQ:MRBK - Get Free Report) Director Anthony Mark Imbesi purchased 1,000 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $17.38 per share, with a total value of $17,380.00. Following the completion of the purchase, the director owned 386,156 shares in the company, valued at $6,711,391.28. This represents a 0.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Meridian Bank Stock Performance
Shares of NASDAQ MRBK opened at $17.41 on Friday. The stock has a fifty day moving average price of $19.09 and a two-hundred day moving average price of $18.02. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market cap of $207.00 million, a P/E ratio of 8.41 and a beta of 0.69. Meridian Bank has a 1 year low of $11.16 and a 1 year high of $21.67.
Meridian Bank (NASDAQ:MRBK - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.48 by ($0.09). The firm had revenue of $30.24 million for the quarter, compared to the consensus estimate of $31.79 million. Meridian Bank had a net margin of 11.68% and a return on equity of 12.61%. Research analysts forecast that Meridian Bank will post 1.85 EPS for the current fiscal year.
Meridian Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 11th. Stockholders of record on Monday, May 4th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $0.56 annualized dividend and a dividend yield of 3.2%. Meridian Bank's dividend payout ratio (DPR) is currently 27.05%.
Analyst Upgrades and Downgrades
MRBK has been the subject of several research reports. DA Davidson raised their price objective on Meridian Bank from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Tuesday, April 28th. Wall Street Zen lowered Meridian Bank from a "buy" rating to a "hold" rating in a research note on Saturday, April 18th. Piper Sandler set a $21.00 price objective on Meridian Bank and gave the stock an "overweight" rating in a research note on Tuesday, May 5th. Zacks Research lowered Meridian Bank from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings raised Meridian Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.00.
Read Our Latest Stock Analysis on MRBK
Institutional Trading of Meridian Bank
A number of hedge funds have recently modified their holdings of MRBK. CWM LLC purchased a new stake in shares of Meridian Bank in the third quarter valued at $34,000. JPMorgan Chase & Co. lifted its holdings in shares of Meridian Bank by 26,887.5% in the second quarter. JPMorgan Chase & Co. now owns 4,318 shares of the company's stock valued at $56,000 after purchasing an additional 4,302 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Meridian Bank in the second quarter valued at $64,000. BNP Paribas Financial Markets lifted its holdings in shares of Meridian Bank by 125.9% in the third quarter. BNP Paribas Financial Markets now owns 4,183 shares of the company's stock valued at $66,000 after purchasing an additional 2,331 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Meridian Bank by 166.6% in the second quarter. Bank of America Corp DE now owns 6,103 shares of the company's stock valued at $79,000 after purchasing an additional 3,814 shares in the last quarter. Hedge funds and other institutional investors own 58.56% of the company's stock.
About Meridian Bank
(
Get Free Report)
Meridian Bank, a Pennsylvania-chartered institution founded in 1993 and headquartered in Philadelphia, operates as a full-service community bank serving the Greater Philadelphia region. As a wholly owned subsidiary of Meridian Bancorp, Inc (NASDAQ: MRBK), the bank maintains a network of branch locations complemented by online and mobile platforms to meet the evolving needs of individual and business customers.
On the consumer side, Meridian Bank offers a comprehensive suite of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside personal lending solutions such as home equity lines of credit, residential mortgage loans and unsecured consumer loans.
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