Meridian Bank (NASDAQ:MRBK) Releases Earnings Results, Misses Estimates By $0.03 EPS

Meridian Bank (NASDAQ:MRBK) posted its earnings results on Thursday. The company reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.03), Zacks reports. Meridian Bank had a net margin of 11.68% and a return on equity of 12.61%.

Meridian Bank Trading Down 1.5%

NASDAQ:MRBK traded down $0.31 on Thursday, hitting $20.04. 69,451 shares of the stock were exchanged, compared to its average volume of 109,364. Meridian Bank has a 52 week low of $13.81 and a 52 week high of $21.67. The company’s 50-day moving average price is $19.41 and its 200 day moving average price is $19.20. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market capitalization of $238.28 million, a price-to-earnings ratio of 9.68 and a beta of 0.65.

Analyst Ratings Changes

MRBK has been the subject of a number of research analyst reports. Weiss Ratings cut Meridian Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, July 20th. Wall Street Zen cut shares of Meridian Bank from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Piper Sandler set a $21.00 target price on shares of Meridian Bank and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Zacks Research downgraded shares of Meridian Bank from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Finally, DA Davidson increased their price target on shares of Meridian Bank from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Hedge Funds Weigh In On Meridian Bank

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its position in shares of Meridian Bank by 125.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,183 shares of the company’s stock valued at $66,000 after acquiring an additional 2,331 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Meridian Bank by 26,887.5% in the second quarter. JPMorgan Chase & Co. now owns 4,318 shares of the company’s stock valued at $56,000 after purchasing an additional 4,302 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Meridian Bank in the second quarter valued at about $64,000. Bank of America Corp DE lifted its stake in Meridian Bank by 166.6% in the second quarter. Bank of America Corp DE now owns 6,103 shares of the company’s stock valued at $79,000 after buying an additional 3,814 shares during the period. Finally, Maltese Capital Management LLC bought a new stake in shares of Meridian Bank in the 3rd quarter valued at about $126,000. 58.56% of the stock is owned by institutional investors.

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.