Meridian Bank (NASDAQ:MRBK) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Meridian Bank (NASDAQ:MRBK) posted its earnings results on Thursday. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.06, FiscalAI reports. The company had revenue of $34.24 million during the quarter, compared to the consensus estimate of $32.41 million. Meridian Bank had a net margin of 10.63% and a return on equity of 12.14%.

Meridian Bank Price Performance

Shares of NASDAQ MRBK opened at $18.93 on Friday. The firm has a 50-day simple moving average of $17.41 and a 200-day simple moving average of $15.83. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $218.07 million, a price-to-earnings ratio of 10.02 and a beta of 0.81. Meridian Bank has a 52 week low of $11.16 and a 52 week high of $19.24.

Meridian Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from Meridian Bank’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, February 9th. Meridian Bank’s dividend payout ratio (DPR) is currently 28.25%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MRBK shares. DA Davidson upgraded Meridian Bank to a “strong-buy” rating in a research note on Monday, October 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Meridian Bank in a research report on Monday, December 29th. Finally, Piper Sandler set a $19.00 price objective on shares of Meridian Bank and gave the stock an “overweight” rating in a research report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $19.00.

Institutional Trading of Meridian Bank

Hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC acquired a new stake in shares of Meridian Bank in the first quarter valued at approximately $209,000. Goldman Sachs Group Inc. increased its stake in shares of Meridian Bank by 114.1% in the 1st 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 last quarter. Jane Street Group LLC increased its stake in shares of Meridian Bank by 178.7% in the 1st 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 last quarter. Geode Capital Management LLC raised its holdings in shares of Meridian Bank by 110.9% during the 2nd 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 period. Finally, JPMorgan Chase & Co. boosted its position in shares of Meridian Bank by 26,887.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,318 shares of the company’s stock valued at $56,000 after acquiring an additional 4,302 shares during the last quarter. Institutional investors and hedge funds 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.