Meridian Bank (NASDAQ:MRBK) Short Interest Up 71.1% in February

Meridian Bank (NASDAQ:MRBK) was the target of a significant increase in short interest in the month of February. As of February 13th, there was short interest totaling 143,819 shares, an increase of 71.1% from the January 29th total of 84,059 shares. Based on an average daily volume of 114,186 shares, the days-to-cover ratio is presently 1.3 days. Approximately 1.5% of the shares of the stock are short sold. Approximately 1.5% of the shares of the stock are short sold. Based on an average daily volume of 114,186 shares, the days-to-cover ratio is presently 1.3 days.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. DA Davidson raised their price target on shares of Meridian Bank from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Weiss Ratings restated a “buy (b-)” rating on shares of Meridian Bank in a research report on Monday, December 29th. Finally, Piper Sandler reiterated 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, February 3rd. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, Meridian Bank has a consensus rating of “Buy” and a consensus price target of $22.00.

Institutional Investors Weigh In On Meridian Bank

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fourthstone LLC lifted its holdings in Meridian Bank by 40.4% during the 2nd quarter. Fourthstone LLC now owns 1,084,319 shares of the company’s stock worth $13,977,000 after buying an additional 311,870 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of Meridian Bank during the third quarter worth $1,996,000. Geode Capital Management LLC increased its position in shares of Meridian Bank by 110.9% during the second quarter. Geode Capital Management LLC now owns 212,905 shares of the company’s stock worth $2,745,000 after acquiring an additional 111,939 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Meridian Bank by 99.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 171,765 shares of the company’s stock valued at $2,712,000 after acquiring an additional 85,562 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new position in Meridian Bank in the third quarter valued at $1,308,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Meridian Bank Trading Down 2.6%

NASDAQ:MRBK traded down $0.52 during trading hours on Friday, hitting $19.44. The company had a trading volume of 71,773 shares, compared to its average volume of 91,508. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $18.77 and a 200 day moving average of $16.60. The company has a market cap of $223.95 million, a P/E ratio of 10.29 and a beta of 0.80. Meridian Bank has a 1 year low of $11.16 and a 1 year high of $21.02.

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

Meridian Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Investors of record on Monday, February 9th were issued a $0.14 dividend. This is a boost from Meridian Bank’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Monday, February 9th. Meridian Bank’s payout ratio is currently 29.63%.

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.