Meridian Bank (NASDAQ:MRBK) Announces Quarterly Earnings Results

Meridian Bank (NASDAQ:MRBK) posted its quarterly earnings data on Thursday. The company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.06, FiscalAI reports. Meridian Bank had a net margin of 9.86% and a return on equity of 11.39%. The company had revenue of $34.24 million for the quarter, compared to analyst estimates of $32.41 million.

Meridian Bank Price Performance

NASDAQ:MRBK traded up $0.42 during trading hours on Thursday, reaching $18.68. 41,274 shares of the company traded hands, compared to its average volume of 67,339. The firm’s 50-day moving average is $17.25 and its 200-day moving average is $15.78. The stock has a market cap of $215.19 million, a P/E ratio of 10.55 and a beta of 0.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.98 and a quick ratio of 0.96. Meridian Bank has a 1-year low of $11.16 and a 1-year high of $19.24.

Analyst Ratings Changes

MRBK has been the topic of several analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Meridian Bank in a research note on Monday, December 29th. DA Davidson raised Meridian Bank to a “strong-buy” rating in a report on Monday, October 20th. Finally, Piper Sandler set a $19.00 price objective on shares of Meridian Bank and gave the company an “overweight” rating in a research note on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $19.00.

Institutional Trading of Meridian Bank

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Meridian Bank by 9.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 361,926 shares of the company’s stock valued at $5,715,000 after purchasing an additional 31,162 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Meridian Bank by 110.9% in the second quarter. Geode Capital Management LLC now owns 212,905 shares of the company’s stock valued at $2,745,000 after buying an additional 111,939 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Meridian Bank by 99.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 171,765 shares of the company’s stock valued at $2,712,000 after buying an additional 85,562 shares during the period. Goldman Sachs Group Inc. boosted its position in Meridian Bank by 114.1% during the first quarter. Goldman Sachs Group Inc. now owns 83,179 shares of the company’s stock worth $1,198,000 after acquiring an additional 44,332 shares during the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Meridian Bank during the third quarter worth approximately $1,308,000. Institutional investors and hedge funds 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.