Connor Clark & Lunn Investment Management Ltd. Boosts Stake in Meridian Bank (NASDAQ:MRBK)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in Meridian Bank by 113.9%, acquiring a total of 79,065 shares worth approximately $1.14 million.
• Meridian Bank reported a quarterly EPS of $0.49, surpassing analysts' expectations of $0.42, and achieved a net margin of 9.01% with revenue of $32.45 million.
• The company declared a quarterly dividend of $0.125, resulting in an annualized yield of 3.4%, with the ex-dividend date set for August 11th.

Connor Clark & Lunn Investment Management Ltd. raised its position in Meridian Bank (NASDAQ:MRBK - Free Report) by 113.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 79,065 shares of the company's stock after buying an additional 42,106 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.70% of Meridian Bank worth $1,139,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of MRBK. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Meridian Bank during the 4th quarter worth approximately $186,000. Citadel Advisors LLC increased its stake in shares of Meridian Bank by 29.0% during the 4th quarter. Citadel Advisors LLC now owns 18,347 shares of the company's stock worth $252,000 after purchasing an additional 4,129 shares during the last quarter. Northern Trust Corp increased its stake in shares of Meridian Bank by 16.5% during the 4th quarter. Northern Trust Corp now owns 18,452 shares of the company's stock worth $253,000 after purchasing an additional 2,609 shares during the last quarter. 683 Capital Management LLC purchased a new stake in shares of Meridian Bank during the 4th quarter worth approximately $315,000. Finally, Jane Street Group LLC purchased a new stake in shares of Meridian Bank during the 4th quarter worth approximately $322,000. Hedge funds and other institutional investors own 58.56% of the company's stock.

Meridian Bank Stock Down 1.1%

MRBK opened at $14.84 on Friday. The company has a 50 day moving average of $13.72 and a 200 day moving average of $14.14. The company has a market cap of $167.69 million, a PE ratio of 9.22 and a beta of 0.71. Meridian Bank has a 12 month low of $10.46 and a 12 month high of $17.33. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.28.

Meridian Bank (NASDAQ:MRBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.42 by $0.07. Meridian Bank had a net margin of 9.01% and a return on equity of 10.62%. The firm had revenue of $32.45 million during the quarter, compared to the consensus estimate of $29.65 million. On average, sell-side analysts expect that Meridian Bank will post 2.07 EPS for the current year.

Meridian Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 18th. Shareholders of record on Monday, August 11th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Monday, August 11th. Meridian Bank's dividend payout ratio (DPR) is presently 31.06%.

Analyst Upgrades and Downgrades

MRBK has been the subject of several analyst reports. DA Davidson raised their price objective on shares of Meridian Bank from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Piper Sandler cut their price objective on shares of Meridian Bank from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Tuesday, April 29th.

Meridian Bank Profile

Meridian Corporation operates as the holding company for Meridian Bank that provides commercial banking products and services in Pennsylvania, New Jersey, Delaware, Florida, and Maryland. The company offers various deposit products, such as demand non-interest bearing, demand interest bearing, savings accounts, money market accounts, and time deposits.

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