Meridian Bank (NASDAQ:MRBK) Announces Quarterly Earnings Results

Key Points

• Meridian Bank reported quarterly EPS of $0.48, missing the consensus estimate of $0.51 by $0.03. Net margin was 11.68%, while return on equity stood at 12.61%.
• Shares fell $0.31 to $20.04 during Thursday trading. The stock has a market capitalization of approximately $238.3 million and trades at a P/E ratio of 9.68.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $22.00 price target; institutional investors own 58.56% of the company.

Meridian Bank (NASDAQ:MRBK - Get Free Report) announced its quarterly earnings results 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%.

Meridian Bank Price Performance

NASDAQ:MRBK traded down $0.31 during trading hours on Thursday, reaching $20.04. 69,451 shares of the company were exchanged, compared to its average volume of 111,178. 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 company has a market capitalization of $238.28 million, a P/E ratio of 9.68 and a beta of 0.65. The business has a 50 day moving average of $19.36 and a 200 day moving average of $19.18.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MRBK. Piper Sandler set a $21.00 price objective on Meridian Bank and gave the company an "overweight" rating in a research report on Tuesday, May 5th. DA Davidson raised their price objective on shares of Meridian Bank from $22.00 to $23.00 and gave the stock a "buy" rating in a report on Tuesday, April 28th. Wall Street Zen lowered shares of Meridian Bank from a "buy" rating to a "hold" rating in a research note on Saturday, April 18th. Weiss Ratings cut Meridian Bank from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, July 20th. Finally, Zacks Research cut Meridian Bank from a "hold" rating to a "strong sell" rating in a research note on Wednesday, April 29th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Meridian Bank presently has an average rating of "Moderate Buy" and a consensus price target of $22.00.

Institutional Trading of Meridian Bank

Institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC acquired a new stake in shares of Meridian Bank during the 1st quarter valued at $209,000. Goldman Sachs Group Inc. raised its holdings in Meridian Bank by 114.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 83,179 shares of the company's stock worth $1,198,000 after purchasing an additional 44,332 shares during the last quarter. Jane Street Group LLC lifted its holdings in Meridian Bank by 178.7% in the first quarter. Jane Street Group LLC now owns 65,483 shares of the company's stock valued at $943,000 after buying an additional 41,984 shares during the period. Geode Capital Management LLC lifted its stake in shares of Meridian Bank by 110.9% in the 2nd quarter. Geode Capital Management LLC now owns 212,905 shares of the company's stock valued at $2,745,000 after purchasing an additional 111,939 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in 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 during the period. 58.56% of the stock is currently owned by institutional investors.

About Meridian Bank

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.

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