Meridian Bank (NASDAQ:MRBK) Short Interest Update

Meridian Bank (NASDAQ:MRBK) was the target of a significant drop in short interest in December. As of December 15th, there was short interest totaling 105,937 shares, a drop of 15.9% from the November 30th total of 125,969 shares. Approximately 1.1% of the company’s stock are sold short. Based on an average daily trading volume, of 106,479 shares, the days-to-cover ratio is currently 1.0 days. Based on an average daily trading volume, of 106,479 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.1% of the company’s stock are sold short.

Meridian Bank Stock Up 0.3%

MRBK stock opened at $17.66 on Wednesday. The company has a market cap of $203.44 million, a price-to-earnings ratio of 9.98 and a beta of 0.83. Meridian Bank has a twelve month low of $11.16 and a twelve month high of $18.33. The business has a 50 day moving average price of $15.89 and a two-hundred day moving average price of $15.05. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 0.26.

Meridian Bank (NASDAQ:MRBK) last announced its quarterly earnings data on Thursday, October 23rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. The company had revenue of $33.07 million for the quarter, compared to analysts’ expectations of $31.88 million. Meridian Bank had a return on equity of 11.39% and a net margin of 9.86%. Analysts anticipate that Meridian Bank will post 2.07 EPS for the current fiscal year.

Meridian Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Monday, November 10th were paid a $0.125 dividend. The ex-dividend date was Monday, November 10th. This represents a $0.50 dividend on an annualized basis and a yield of 2.8%. Meridian Bank’s dividend payout ratio (DPR) is currently 28.25%.

Analyst Ratings Changes

Several equities research analysts have commented on MRBK shares. DA Davidson upgraded Meridian Bank to a “strong-buy” rating in a research note on Monday, October 20th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Meridian Bank in a report on Monday. Finally, Piper Sandler set a $19.00 target price on shares of Meridian Bank and gave the stock an “overweight” rating in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat.com, Meridian Bank currently has an average rating of “Buy” and an average price target of $19.00.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in shares of Meridian Bank by 114.1% in the first quarter. Goldman Sachs Group Inc. now owns 83,179 shares of the company’s stock valued at $1,198,000 after buying an additional 44,332 shares during the last quarter. Trexquant Investment LP bought a new stake in Meridian Bank in the 1st quarter valued at $335,000. OMERS ADMINISTRATION Corp bought a new stake in Meridian Bank in the 1st quarter valued at $276,000. American Century Companies Inc. acquired a new stake in Meridian Bank during the 1st quarter valued at $310,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Meridian Bank during the 1st quarter valued at $348,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

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.