Meridian Bancorp Inc (EBSB) to Issue Quarterly Dividend of $0.07 on January 2nd
Meridian Bancorp Inc (NASDAQ:EBSB) declared a quarterly dividend on Wednesday, November 28th, Wall Street Journal reports. Stockholders of record on Tuesday, December 18th will be paid a dividend of 0.07 per share by the savings and loans company on Wednesday, January 2nd. This represents a $0.28 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Monday, December 17th. This is a positive change from Meridian Bancorp’s previous quarterly dividend of $0.05.
Meridian Bancorp has a payout ratio of 26.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Meridian Bancorp to earn $1.24 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 22.6%.
Shares of EBSB stock opened at $14.99 on Friday. The stock has a market cap of $811.81 million, a PE ratio of 15.78 and a beta of 0.21. Meridian Bancorp has a 1-year low of $14.97 and a 1-year high of $21.85. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.24 and a current ratio of 1.24.
Several research analysts have recently weighed in on EBSB shares. BidaskClub upgraded shares of Meridian Bancorp from a “strong sell” rating to a “sell” rating in a report on Thursday, October 11th. Zacks Investment Research lowered shares of Meridian Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, November 1st.
In related news, Director James G. Sartori sold 2,400 shares of the stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $16.25, for a total transaction of $39,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 3,700 shares of company stock valued at $59,551. Corporate insiders own 5.30% of the company’s stock.
About Meridian Bancorp
Meridian Bancorp, Inc operates as the holding company for East Boston Savings Bank that provides various financial products and services for individuals and businesses primarily in Essex, Middlesex, Norfolk, and Suffolk Counties, Massachusetts. The company accepts various deposit products, including non-interest-bearing demand deposits, such as checking accounts; interest-bearing demand accounts comprising NOW and money market accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts.
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