Meridian Bank (NASDAQ:MRBK) Short Interest Down 26.8% in February

Meridian Bank (NASDAQ:MRBK) was the target of a significant drop in short interest in February. As of February 27th, there was short interest totaling 105,253 shares, a drop of 26.8% from the February 12th total of 143,819 shares. Approximately 1.1% of the shares of the stock are short sold. Based on an average trading volume of 68,631 shares, the days-to-cover ratio is presently 1.5 days. Based on an average trading volume of 68,631 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.1% of the shares of the stock are short sold.

Analyst Ratings Changes

MRBK has been the subject of several research reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Meridian Bank in a research report on Monday, December 29th. Piper Sandler restated an “overweight” rating and issued a $22.00 price objective (up from $20.00) on shares of Meridian Bank in a report on Tuesday, February 3rd. Finally, DA Davidson lifted their target price on shares of Meridian Bank from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $22.00.

Meridian Bank Trading Up 0.1%

Shares of MRBK traded up $0.01 during midday trading on Friday, reaching $18.66. The company had a trading volume of 84,132 shares, compared to its average volume of 75,748. Meridian Bank has a 1-year low of $11.16 and a 1-year high of $21.67. The stock has a market cap of $214.91 million, a PE ratio of 9.87 and a beta of 0.76. The firm has a 50 day simple moving average of $19.08 and a 200-day simple moving average of $16.89. 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 posted its quarterly earnings results on Thursday, January 29th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.55 by $0.06. The business had revenue of $34.44 million for the quarter, compared to analyst estimates of $32.41 million. Meridian Bank had a return on equity of 12.14% and a net margin of 10.63%. Research analysts forecast that Meridian Bank will post 2.07 EPS for the current fiscal year.

Meridian Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Shareholders of record on Monday, February 9th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 3.0%. This is a boost from Meridian Bank’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Monday, February 9th. Meridian Bank’s payout ratio is presently 29.63%.

Institutional Trading of Meridian Bank

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC acquired a new stake in shares of Meridian Bank during the 1st quarter worth approximately $209,000. Goldman Sachs Group Inc. grew its position in Meridian Bank by 114.1% in the first quarter. Goldman Sachs Group Inc. now owns 83,179 shares of the company’s stock worth $1,198,000 after acquiring an additional 44,332 shares during the period. Jane Street Group LLC grew its position in Meridian Bank by 178.7% in the first quarter. Jane Street Group LLC now owns 65,483 shares of the company’s stock worth $943,000 after acquiring an additional 41,984 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Meridian Bank by 9.5% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 86,608 shares of the company’s stock worth $1,116,000 after acquiring an additional 7,543 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Meridian Bank by 110.9% during the second quarter. Geode Capital Management LLC now owns 212,905 shares of the company’s stock worth $2,745,000 after acquiring an additional 111,939 shares during the last quarter. Hedge funds and other institutional investors own 58.56% of the company’s stock.

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.