Meridian Co. (NASDAQ:MRBK) was the recipient of a large increase in short interest in April. As of April 15th, there was short interest totalling 84,300 shares, an increase of 30.7% from the March 31st total of 64,500 shares. Based on an average daily volume of 33,800 shares, the short-interest ratio is presently 2.5 days. Currently, 1.6% of the shares of the company are short sold.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hoover Financial Advisors Inc. acquired a new stake in Meridian in the fourth quarter valued at approximately $64,000. BlackRock Inc. boosted its position in Meridian by 17.0% in the fourth quarter. BlackRock Inc. now owns 266,724 shares of the company’s stock valued at $5,548,000 after buying an additional 38,677 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Meridian by 53.0% in the fourth quarter. Bank of New York Mellon Corp now owns 19,025 shares of the company’s stock valued at $396,000 after buying an additional 6,590 shares in the last quarter. Wells Fargo & Company MN boosted its position in Meridian by 29.7% in the fourth quarter. Wells Fargo & Company MN now owns 23,706 shares of the company’s stock valued at $493,000 after buying an additional 5,434 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Meridian by 207.0% during the fourth quarter. Renaissance Technologies LLC now owns 37,120 shares of the company’s stock valued at $772,000 after acquiring an additional 25,029 shares during the last quarter. Institutional investors and hedge funds own 39.47% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Meridian from a “sell” rating to a “hold” rating in a research report on Tuesday.
Shares of NASDAQ MRBK traded down $0.14 during trading hours on Tuesday, hitting $26.18. 19,267 shares of the stock were exchanged, compared to its average volume of 32,547. The company has a debt-to-equity ratio of 2.21, a quick ratio of 1.04 and a current ratio of 1.21. The company has a market cap of $161.48 million, a PE ratio of 7.86 and a beta of 0.49. The company’s fifty day simple moving average is $25.85 and its two-hundred day simple moving average is $22.24. Meridian has a 1-year low of $12.70 and a 1-year high of $27.96.
Meridian (NASDAQ:MRBK) last posted its quarterly earnings results on Sunday, April 25th. The company reported $1.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.12 by $0.53. The business had revenue of $42.17 million for the quarter, compared to analyst estimates of $33.15 million. Meridian had a net margin of 16.13% and a return on equity of 16.59%. As a group, sell-side analysts expect that Meridian will post 3.62 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, May 17th. Investors of record on Monday, May 10th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, May 7th. This represents a $0.50 annualized dividend and a dividend yield of 1.91%. Meridian’s dividend payout ratio is 28.90%.
Meridian Company Profile
Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for small and middle market businesses primarily in southeast Pennsylvania, Delaware, and southern New Jersey. The company offers non-interest and interest checking deposits and time deposits, as well as money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as business lines of credit, term loans, small business lending, lease financing, and shared national credits.
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