Meridian Bank (NASDAQ:MRBK) Director Acquires $17,380.00 in Stock

Meridian Bank (NASDAQ:MRBK) Director Anthony Mark Imbesi purchased 1,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The stock was acquired at an average price of $17.38 per share, for a total transaction of $17,380.00. Following the completion of the transaction, the director owned 386,156 shares of the company’s stock, valued at $6,711,391.28. This represents a 0.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Meridian Bank Price Performance

Shares of Meridian Bank stock opened at $17.15 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $19.04 and its two-hundred day moving average price is $18.01. Meridian Bank has a 52 week low of $11.16 and a 52 week high of $21.67. The stock has a market cap of $203.91 million, a PE ratio of 8.29 and a beta of 0.69.

Meridian Bank (NASDAQ:MRBK) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.09). Meridian Bank had a return on equity of 12.61% and a net margin of 11.68%.The business had revenue of $30.24 million during the quarter, compared to the consensus estimate of $31.79 million. As a group, sell-side analysts anticipate that Meridian Bank will post 1.85 EPS for the current fiscal year.

Meridian Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 11th. Shareholders of record on Monday, May 4th were given a $0.14 dividend. The ex-dividend date was Monday, May 4th. This represents a $0.56 annualized dividend and a yield of 3.3%. Meridian Bank’s payout ratio is 27.05%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. CWM LLC acquired a new position in shares of Meridian Bank in the third quarter valued at $34,000. BNP Paribas Financial Markets raised its stake in shares of Meridian Bank by 125.9% in the third quarter. BNP Paribas Financial Markets now owns 4,183 shares of the company’s stock valued at $66,000 after purchasing an additional 2,331 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Meridian Bank by 26,887.5% during the second quarter. JPMorgan Chase & Co. now owns 4,318 shares of the company’s stock worth $56,000 after acquiring an additional 4,302 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Meridian Bank during the second quarter worth $64,000. Finally, Bank of America Corp DE raised its stake in Meridian Bank by 166.6% during the second quarter. Bank of America Corp DE now owns 6,103 shares of the company’s stock worth $79,000 after acquiring an additional 3,814 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Meridian Bank Company Profile

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.