OMERS ADMINISTRATION Corp Buys Shares of 19,200 Meridian Bank $MRBK

Key Points

• OMERS ADMINISTRATION Corp purchased 19,200 shares of Meridian Bank, valued at approximately $276,000, representing about 0.17% ownership in the bank.
• DA Davidson upgraded Meridian Bank's price target from $17.00 to $19.00 with a "buy" rating, indicating positive market outlook.
• Meridian Bank recently announced a quarterly dividend of $0.125 per share, reflecting a 3.2% annual yield and a payout ratio of 31.06%.

OMERS ADMINISTRATION Corp bought a new stake in Meridian Bank (NASDAQ:MRBK - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 19,200 shares of the company's stock, valued at approximately $276,000. OMERS ADMINISTRATION Corp owned approximately 0.17% of Meridian Bank at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Schonfeld Strategic Advisors LLC purchased a new position 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 in 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 in the last quarter. American Century Companies Inc. purchased a new position in shares of Meridian Bank during the 1st quarter worth approximately $310,000. Finally, Jane Street Group LLC purchased a new position in shares of Meridian Bank during the 4th quarter worth approximately $322,000. 58.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, 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 research note on Tuesday, July 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Meridian Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.50.

Meridian Bank Stock Performance

NASDAQ:MRBK opened at $15.74 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $177.86 million, a price-to-earnings ratio of 9.78 and a beta of 0.75. The firm's fifty day simple moving average is $14.63 and its 200 day simple moving average is $14.03. Meridian Bank has a twelve month low of $10.89 and a twelve month high of $17.33.

Meridian Bank (NASDAQ:MRBK - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $0.49 earnings per share 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 business had revenue of $32.45 million for the quarter, compared to analyst estimates of $29.65 million. As a group, equities research analysts expect that Meridian Bank will post 2.07 earnings per share for the current fiscal year.

Meridian Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 11th were given a $0.125 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.50 annualized dividend and a dividend yield of 3.2%. Meridian Bank's payout ratio is presently 31.06%.

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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