Connor Clark & Lunn Investment Management Ltd. Has $1.14 Million Stock Holdings in Meridian Bank $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. lifted its position in Meridian Bank (NASDAQ:MRBK - Free Report) by 113.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor 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 about 0.70% of Meridian Bank worth $1,139,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in MRBK. Schonfeld Strategic Advisors LLC bought a new stake in shares of Meridian Bank in the 4th quarter valued at $186,000. Citadel Advisors LLC increased its position in shares of Meridian Bank by 29.0% in the 4th quarter. Citadel Advisors LLC now owns 18,347 shares of the company's stock valued at $252,000 after buying an additional 4,129 shares in the last quarter. Northern Trust Corp increased its position in shares of Meridian Bank by 16.5% in the 4th quarter. Northern Trust Corp now owns 18,452 shares of the company's stock valued at $253,000 after buying an additional 2,609 shares in the last quarter. 683 Capital Management LLC bought a new stake in shares of Meridian Bank in the 4th quarter valued at $315,000. Finally, Jane Street Group LLC bought a new stake in shares of Meridian Bank in the 4th quarter valued at $322,000. Institutional investors own 58.56% of the company's stock.

Meridian Bank Stock Down 0.8%

NASDAQ MRBK traded down $0.12 on Thursday, reaching $14.78. The company had a trading volume of 21,688 shares, compared to its average volume of 48,026. The firm has a market capitalization of $167.01 million, a price-to-earnings ratio of 9.18 and a beta of 0.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.95 and a current ratio of 0.97. Meridian Bank has a 1-year low of $10.89 and a 1-year high of $17.33. The company's fifty day moving average is $13.87 and its 200-day moving average is $14.11.

Meridian Bank (NASDAQ:MRBK - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $29.65 million. On average, research analysts forecast that Meridian Bank will post 2.07 earnings per share for the current fiscal year.

Meridian Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 11th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Monday, August 11th. Meridian Bank's dividend payout ratio is currently 31.06%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Piper Sandler lowered their price objective on shares of Meridian Bank from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. DA Davidson upped their target price on shares of Meridian Bank from $17.00 to $19.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.50.

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.