Meridian (NASDAQ:MRBK) Price Target Cut to $18.00 by Analysts at DA Davidson

Meridian (NASDAQ:MRBK) had its price target cut by DA Davidson from $19.00 to $18.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Meridian Price Performance

Shares of NASDAQ:MRBK opened at $13.53 on Tuesday. The firm has a 50 day moving average of $14.03 and a 200-day moving average of $14.67. The stock has a market capitalization of $152.69 million, a PE ratio of 9.33 and a beta of 0.68. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. Meridian has a 12 month low of $8.69 and a 12 month high of $17.33.

Meridian (NASDAQ:MRBK) last issued its earnings results on Friday, April 25th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.12). The firm had revenue of $27.10 million during the quarter, compared to analyst estimates of $27.93 million. Meridian had a net margin of 8.28% and a return on equity of 10.01%. On average, equities research analysts predict that Meridian will post 2.07 EPS for the current fiscal year.

Meridian Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, May 19th. Investors of record on Monday, May 12th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Monday, May 12th. Meridian’s dividend payout ratio (DPR) is presently 35.21%.

Institutional Investors Weigh In On Meridian

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd bought a new stake in Meridian during the 4th quarter worth approximately $139,000. Schonfeld Strategic Advisors LLC bought a new stake in Meridian during the 4th quarter worth approximately $186,000. Citadel Advisors LLC grew its holdings in Meridian by 29.0% during the 4th quarter. Citadel Advisors LLC now owns 18,347 shares of the company’s stock worth $252,000 after acquiring an additional 4,129 shares during the last quarter. Northern Trust Corp grew its holdings in Meridian by 16.5% during the 4th quarter. Northern Trust Corp now owns 18,452 shares of the company’s stock worth $253,000 after acquiring an additional 2,609 shares during the last quarter. Finally, 683 Capital Management LLC bought a new stake in Meridian during the 4th quarter worth approximately $315,000. 58.56% of the stock is owned by institutional investors.

About Meridian

Meridian Corporation operates as the holding company for Meridian Bank that provides commercial banking products and services in Pennsylvania, New Jersey, Delaware, Florida, and Maryland. The company offers various deposit products, such as demand non-interest bearing, demand interest bearing, savings accounts, money market accounts, and time deposits.