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

Meridian Bank (NASDAQ:MRBK) announced its quarterly earnings data on Thursday. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. The firm had revenue of $32.67 million for the quarter, compared to analysts’ expectations of $34.31 million.

Meridian Bank Stock Performance

NASDAQ MRBK opened at $20.04 on Friday. The firm has a market capitalization of $238.28 million, a P/E ratio of 9.68 and a beta of 0.65. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.97 and a quick ratio of 0.96. Meridian Bank has a 1-year low of $13.81 and a 1-year high of $21.67. The business’s 50-day simple moving average is $19.41 and its 200-day simple moving average is $19.20.

Meridian Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 17th. Stockholders of record on Monday, August 10th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, August 10th. Meridian Bank’s dividend payout ratio (DPR) is 27.05%.

Analyst Ratings Changes

Several brokerages have weighed in on MRBK. Wall Street Zen downgraded Meridian Bank from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. 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. DA Davidson lifted their price objective on Meridian Bank from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Weiss Ratings lowered Meridian Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, July 20th. Finally, Zacks Research lowered Meridian Bank from a “hold” rating to a “strong sell” rating in a research note on Wednesday, April 29th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Meridian Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.00.

Institutional Trading of Meridian Bank

Several large investors have recently added to or reduced their stakes in MRBK. JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 4,302 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Meridian Bank during the 2nd quarter worth approximately $64,000. BNP Paribas Financial Markets lifted its position in Meridian Bank by 125.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 4,183 shares of the company’s stock worth $66,000 after acquiring an additional 2,331 shares in the last quarter. Bank of America Corp DE boosted its holdings in Meridian Bank by 166.6% in the 2nd 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 during the period. Finally, New York State Common Retirement Fund purchased a new position in Meridian Bank in the 2nd quarter worth approximately $106,000. 58.56% of the stock is currently owned by institutional investors and hedge funds.

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.