Millennium Management LLC Acquires 42,004 Shares of Meridian Co. (NASDAQ:MRBK)

Millennium Management LLC raised its stake in shares of Meridian Co. (NASDAQ:MRBK - Free Report) by 410.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 52,244 shares of the company's stock after purchasing an additional 42,004 shares during the period. Millennium Management LLC owned 0.46% of Meridian worth $716,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in Meridian during the fourth quarter valued at approximately $139,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Meridian in the fourth quarter worth $186,000. Citadel Advisors LLC grew its stake in shares of Meridian by 29.0% in the fourth quarter. Citadel Advisors LLC now owns 18,347 shares of the company's stock worth $252,000 after acquiring an additional 4,129 shares during the last quarter. Northern Trust Corp grew its stake in shares of Meridian by 16.5% in the fourth quarter. Northern Trust Corp now owns 18,452 shares of the company's stock worth $253,000 after acquiring an additional 2,609 shares during the last quarter. Finally, 683 Capital Management LLC acquired a new stake in shares of Meridian in the fourth quarter worth $315,000. Institutional investors and hedge funds own 58.56% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MRBK shares. DA Davidson lowered their price objective on shares of Meridian from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th. Piper Sandler lowered their price objective on shares of Meridian from $17.00 to $16.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th.

Insider Buying and Selling

In other news, Director Robert M. Casciato bought 2,000 shares of Meridian stock in a transaction that occurred on Friday, May 9th. The stock was purchased at an average cost of $13.79 per share, with a total value of $27,580.00. Following the completion of the transaction, the director now directly owns 215,396 shares in the company, valued at $2,970,310.84. This trade represents a 0.94% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought a total of 3,208 shares of company stock valued at $44,416 over the last ninety days. 14.38% of the stock is owned by company insiders.

Meridian Trading Down 0.7%

Shares of Meridian stock opened at $13.10 on Friday. The company's fifty day simple moving average is $13.48 and its 200-day simple moving average is $14.65. The company has a market cap of $147.83 million, a price-to-earnings ratio of 9.03 and a beta of 0.70. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. Meridian Co. has a 1 year low of $10.04 and a 1 year high of $17.33.

Meridian (NASDAQ:MRBK - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.12). The firm had revenue of $27.10 million during the quarter, compared to the consensus estimate of $27.93 million. Meridian had a return on equity of 10.01% and a net margin of 8.28%. As a group, sell-side analysts expect that Meridian Co. will post 2.07 EPS for the current year.

Meridian Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 12th were given a $0.125 dividend. The ex-dividend date was Monday, May 12th. This represents a $0.50 annualized dividend and a yield of 3.82%. Meridian's dividend payout ratio (DPR) is currently 35.21%.

About Meridian

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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