Piper Sandler Lowers Meridian (NASDAQ:MRBK) Price Target to $16.00

Meridian (NASDAQ:MRBK - Get Free Report) had its target price lowered by investment analysts at Piper Sandler from $17.00 to $16.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's target price would suggest a potential upside of 19.27% from the company's current price.

Separately, DA Davidson reduced their price target on shares of Meridian from $19.00 to $18.00 and set a "buy" rating for the company in a research report on Tuesday.

Meridian Stock Performance

MRBK stock traded down $0.36 on Tuesday, hitting $13.42. The company's stock had a trading volume of 84,469 shares, compared to its average volume of 29,619. The firm has a 50 day moving average of $14.09 and a two-hundred day moving average of $14.67. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. The stock has a market cap of $151.39 million, a price-to-earnings ratio of 9.25 and a beta of 0.68. Meridian has a 1 year low of $8.69 and a 1 year high of $17.33.

Meridian (NASDAQ:MRBK - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.12). Meridian had a net margin of 8.28% and a return on equity of 10.01%. The firm had revenue of $27.10 million during the quarter, compared to analyst estimates of $27.93 million. Equities analysts predict that Meridian will post 2.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MRBK. Y Intercept Hong Kong Ltd bought a new stake in shares of Meridian in the 4th quarter worth approximately $139,000. Schonfeld Strategic Advisors LLC bought a new position in shares of Meridian in the fourth quarter worth $186,000. Citadel Advisors LLC lifted its holdings in shares of Meridian by 29.0% during the fourth quarter. Citadel Advisors LLC now owns 18,347 shares of the company's stock worth $252,000 after purchasing an additional 4,129 shares during the period. Northern Trust Corp increased its stake in Meridian by 16.5% in the 4th quarter. Northern Trust Corp now owns 18,452 shares of the company's stock valued at $253,000 after buying an additional 2,609 shares during the last quarter. Finally, 683 Capital Management LLC bought a new stake in Meridian during the 4th quarter worth approximately $315,000. Institutional investors own 58.56% of the company's stock.

Meridian Company 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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