59,366 Shares in Meridian Bank $MRBK Purchased by Key Financial Inc

Key Financial Inc purchased a new stake in shares of Meridian Bank (NASDAQ:MRBK) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 59,366 shares of the company’s stock, valued at approximately $917,000. Key Financial Inc owned about 0.53% of Meridian Bank as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bessemer Group Inc. purchased a new stake in shares of Meridian Bank in the second quarter worth approximately $27,000. CWM LLC bought a new stake in Meridian Bank during the third quarter worth $34,000. Arrowstreet Capital Limited Partnership raised its position in Meridian Bank by 4.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 86,203 shares of the company’s stock valued at $1,111,000 after buying an additional 3,475 shares during the last quarter. Bank of America Corp DE raised its position in Meridian Bank by 166.6% in the 2nd quarter. Bank of America Corp DE now owns 6,103 shares of the company’s stock valued at $79,000 after buying an additional 3,814 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Meridian Bank by 26,887.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,318 shares of the company’s stock valued at $56,000 after acquiring an additional 4,302 shares in the last quarter. 58.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MRBK. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Meridian Bank in a report on Monday, December 29th. Piper Sandler reissued an “overweight” rating and set a $22.00 price target (up from $20.00) on shares of Meridian Bank in a research report on Tuesday. Finally, DA Davidson boosted their price target on shares of Meridian Bank from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $22.00.

Meridian Bank Trading Up 1.6%

NASDAQ MRBK opened at $20.71 on Friday. The business’s fifty day moving average is $17.85 and its 200-day moving average is $16.05. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.98 and a quick ratio of 0.96. The stock has a market capitalization of $238.58 million, a price-to-earnings ratio of 10.96 and a beta of 0.80. Meridian Bank has a one year low of $11.16 and a one year high of $21.02.

Meridian Bank (NASDAQ:MRBK) last posted its quarterly earnings data on Thursday, January 29th. The company reported $0.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. The business had revenue of $34.24 million during the quarter, compared to the consensus estimate of $32.41 million. Meridian Bank had a net margin of 10.63% and a return on equity of 12.14%. Equities research analysts predict that Meridian Bank will post 2.07 EPS for the current year.

Meridian Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Monday, February 9th. This is an increase from Meridian Bank’s previous quarterly dividend of $0.13. Meridian Bank’s dividend payout ratio (DPR) is 26.46%.

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.