Meridian Bank (NASDAQ:MRBK - Get Free Report) declared a quarterly dividend on Thursday, July 24th, RTT News reports. Investors of record on Monday, August 11th will be paid a dividend of 0.125 per share on Monday, August 18th. This represents a $0.50 annualized dividend and a yield of 3.41%.
Meridian Bank has a dividend payout ratio of 23.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Meridian Bank to earn $2.02 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 24.8%.
Meridian Bank Stock Performance
MRBK traded down $0.18 on Thursday, hitting $14.67. 57,125 shares of the company's stock were exchanged, compared to its average volume of 132,666. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average of $13.34 and a two-hundred day moving average of $14.19. The firm has a market cap of $165.48 million, a PE ratio of 10.33 and a beta of 0.67. Meridian Bank has a twelve month low of $10.04 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.08. Meridian Bank had a net margin of 8.09% and a return on equity of 9.52%. On average, research analysts anticipate that Meridian Bank will post 2.07 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Meridian Bank news, Director Robert M. Casciato purchased 2,000 shares of the firm's stock in a transaction on Friday, May 9th. The shares were purchased at an average price of $13.79 per share, for a total transaction of $27,580.00. Following the completion of the transaction, the director owned 215,396 shares in the company, valued at $2,970,310.84. This represents a 0.94% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 3,208 shares of company stock worth $44,416 over the last ninety days. 14.38% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Meridian Bank
A number of institutional investors and hedge funds have recently modified their holdings of MRBK. Goldman Sachs Group Inc. grew its position 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 in the last quarter. Jane Street Group LLC lifted its stake in Meridian Bank by 178.7% in the 1st quarter. Jane Street Group LLC now owns 65,483 shares of the company's stock worth $943,000 after acquiring an additional 41,984 shares in the last quarter. Finally, NewEdge Advisors LLC acquired a new stake in Meridian Bank during the 1st quarter worth about $209,000. Institutional investors and hedge funds own 58.56% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the stock. Piper Sandler lowered their target price on shares of Meridian Bank from $17.00 to $16.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 29th. DA Davidson dropped their price objective on Meridian Bank from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, April 29th.
Read Our Latest Research Report on MRBK
Meridian Bank Company Profile
(
Get Free Report)
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.
Further Reading
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