Zacks Investment Research upgraded shares of MERIDIAN BK PAO/SH (NASDAQ:MRBK) from a hold rating to a strong-buy rating in a research note published on Tuesday. The firm currently has $19.00 price target on the stock.
According to Zacks, “Meridian Bank of Malvern offers deposit accounts, credit products, real estate financing, residential mortgages, investment and wealth management and electronic payments processing services. Meridian Bank of Malvern is based in United States. “
Separately, ValuEngine lowered MERIDIAN BK PAO/SH from a hold rating to a sell rating in a research report on Tuesday.
MERIDIAN BK PAO/SH stock remained flat at $$16.85 during mid-day trading on Tuesday. The company had a trading volume of 180 shares, compared to its average volume of 2,855. The stock has a market capitalization of $107.71 million and a price-to-earnings ratio of 24.42. MERIDIAN BK PAO/SH has a 52 week low of $15.26 and a 52 week high of $21.37.
In other news, CEO Christopher J. Annas purchased 4,000 shares of the stock in a transaction dated Thursday, September 6th. The stock was acquired at an average cost of $17.41 per share, for a total transaction of $69,640.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert M. Casciato purchased 3,000 shares of the stock in a transaction dated Thursday, September 6th. The shares were purchased at an average price of $17.40 per share, with a total value of $52,200.00. The disclosure for this purchase can be found here. Insiders purchased 8,000 shares of company stock valued at $138,790 over the last quarter.
A hedge fund recently raised its stake in MERIDIAN BK PAO/SH stock. First Manhattan Co. raised its position in shares of MERIDIAN BK PAO/SH (NASDAQ:MRBK) by 14.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,527 shares of the company’s stock after buying an additional 20,200 shares during the period. First Manhattan Co. owned about 2.43% of MERIDIAN BK PAO/SH worth $2,829,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 46.31% of the company’s stock.
About MERIDIAN BK PAO/SH
Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for retail and commercial customers primarily in southeastern Pennsylvania, Delaware, and south New Jersey. It offers non-interest bearing deposits and time deposits, as well as interest checking, money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as homeowner mortgages.
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