Meridian Bank (NASDAQ:MRBK) Releases Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• Meridian Bank reported earnings of $0.49 EPS for the quarter, exceeding analysts' expectations of $0.42 by $0.07, with revenue totaling $32.45 million compared to the estimate of $29.65 million.
• The bank announced a quarterly dividend of $0.125 per share, reflecting a 3.36% annualized dividend yield.
• Institutional investors are increasing their stakes, with Goldman Sachs raising its ownership by 114.1% and Jane Street Group growing theirs by 178.7% in the first quarter.

Meridian Bank (NASDAQ:MRBK - Get Free Report) released its earnings results on Thursday. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.07, Zacks reports. Meridian Bank had a return on equity of 10.73% and a net margin of 9.01%. The business had revenue of $32.45 million for the quarter, compared to the consensus estimate of $29.65 million.

Meridian Bank Stock Performance

Shares of NASDAQ MRBK traded up $0.20 during mid-day trading on Friday, reaching $14.87. 78,585 shares of the company were exchanged, compared to its average volume of 131,889. The stock has a market capitalization of $167.73 million, a P/E ratio of 9.24 and a beta of 0.67. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 0.29. The company's 50-day simple moving average is $13.35 and its 200-day simple moving average is $14.19. Meridian Bank has a twelve month low of $10.04 and a twelve month high of $17.33.

Meridian Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 18th. Stockholders of record on Monday, August 11th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Monday, August 11th. Meridian Bank's payout ratio is presently 35.21%.

Insider Buying and Selling

In related news, Director Robert M. Casciato purchased 2,000 shares of the stock in a transaction on Friday, May 9th. The shares were purchased at an average cost of $13.79 per share, with a total value of $27,580.00. Following the acquisition, the director directly owned 215,396 shares in the company, valued at $2,970,310.84. The trade was a 0.94% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders have bought 3,208 shares of company stock valued at $44,416. 14.38% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Meridian Bank

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in shares of Meridian Bank by 114.1% during the first 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 period. Jane Street Group LLC grew its holdings in Meridian Bank by 178.7% in the 1st 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 in the last quarter. Finally, NewEdge Advisors LLC acquired a new position in Meridian Bank in the 1st quarter valued at $209,000. Institutional investors own 58.56% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MRBK. DA Davidson reduced their price target on Meridian Bank from $19.00 to $18.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Piper Sandler cut their price objective on Meridian Bank from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th.

About Meridian Bank

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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