Meridian Bank (NASDAQ:MRBK) Plans $0.14 Quarterly Dividend

Key Points

• Meridian Bank declared a quarterly dividend of $0.14 per share, payable August 17 to shareholders of record on August 10. The dividend implies an annualized payout of $0.56 and a 2.8% yield.
• The dividend appears well covered, with a 26.4% payout ratio and analysts expecting $2.52 in earnings per share next year, implying a projected payout ratio of 22.2%.
• Meridian Bank reported quarterly earnings of $0.48 per share and revenue of $32.67 million, both below analyst expectations. Despite mixed analyst views, the stock has a “Moderate Buy” consensus rating and an average price target of $22.

Meridian Bank (NASDAQ:MRBK - Get Free Report) announced a quarterly dividend on Thursday, July 30th. Investors of record on Monday, August 10th will be paid a dividend of 0.14 per share on Monday, August 17th. This represents a c) annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, August 10th.

Meridian Bank has increased its dividend payment by an average of 0.3%annually over the last three years. Meridian Bank has a dividend payout ratio of 26.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Meridian Bank to earn $2.52 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 22.2%.

Meridian Bank Trading Down 1.5%

Shares of MRBK stock opened at $20.04 on Friday. The company has a 50-day moving average of $19.41 and a two-hundred day moving average of $19.20. The firm has a market cap of $238.28 million, a PE ratio of 9.68 and a beta of 0.65. Meridian Bank has a 1-year low of $13.81 and a 1-year high of $21.67. 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 (NASDAQ:MRBK - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.03). Meridian Bank had a net margin of 11.68% and a return on equity of 12.61%. The company had revenue of $32.67 million during the quarter, compared to analyst estimates of $34.31 million. On average, analysts predict that Meridian Bank will post 1.95 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Meridian Bank Company Profile

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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