Meridian Bank (NASDAQ:MRBK) Downgraded by Zacks Research to Strong Sell

Zacks Research lowered shares of Meridian Bank (NASDAQ:MRBK) from a hold rating to a strong sell rating in a research report report published on Wednesday,Zacks.com reports.

Several other equities research analysts also recently commented on MRBK. DA Davidson boosted their target price on shares of Meridian Bank from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Tuesday. Wall Street Zen downgraded shares of Meridian Bank from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Meridian Bank in a research report on Friday, March 27th. Finally, Piper Sandler reissued an “overweight” rating and set a $22.00 target price (up from $20.00) on shares of Meridian Bank in a research report on Tuesday, February 3rd. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.50.

Meridian Bank Trading Up 2.4%

NASDAQ:MRBK opened at $18.82 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.98 and a quick ratio of 0.96. The firm has a 50-day moving average of $19.41 and a 200-day moving average of $17.80. The company has a market cap of $223.58 million, a PE ratio of 9.09 and a beta of 0.75. Meridian Bank has a one year low of $11.16 and a one year high of $21.67.

Meridian Bank (NASDAQ:MRBK) last posted its earnings results on Thursday, April 23rd. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.09). The business had revenue of $30.24 million for the quarter, compared to the consensus estimate of $31.79 million. Meridian Bank had a return on equity of 12.81% and a net margin of 11.68%. As a group, equities research analysts expect that Meridian Bank will post 2.18 EPS for the current fiscal year.

Meridian Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 11th. Shareholders of record on Monday, May 4th will be paid a $0.14 dividend. The ex-dividend date is Monday, May 4th. This represents a $0.56 annualized dividend and a yield of 3.0%. Meridian Bank’s dividend payout ratio (DPR) is 27.05%.

Institutional Investors Weigh In On Meridian Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Key Financial Inc purchased a new stake in Meridian Bank in the 3rd quarter valued at about $917,000. SummerHaven Investment Management LLC purchased a new stake in Meridian Bank in the 3rd quarter valued at about $946,000. Segall Bryant & Hamill LLC purchased a new stake in Meridian Bank in the 3rd quarter valued at about $1,996,000. Traynor Capital Management Inc. purchased a new stake in Meridian Bank in the 3rd quarter valued at about $395,000. Finally, CWM LLC purchased a new stake in Meridian Bank in the 3rd quarter valued at about $34,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

About Meridian Bank

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.