Meridian Bank (NASDAQ:MRBK) Short Interest Down 38.6% in August

Key Points

• Short interest in Meridian Bank (NASDAQ:MRBK) decreased by 38.6%, falling from 294,500 shares to 180,800 shares by August 31st, representing about 1.9% of the company's total shares.
• DA Davidson upgraded Meridian Bank's price target from $17.00 to $19.00, maintaining a "buy" rating based on a consensus rating of "Moderate Buy" with an average target price of $17.50.
• Meridian Bank recently declared a quarterly dividend of $0.125 per share, with a yield of 3.2%, and has a dividend payout ratio of 31.06%.

Meridian Bank (NASDAQ:MRBK - Get Free Report) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totaling 180,800 shares, a decline of 38.6% from the August 15th total of 294,500 shares. Based on an average daily trading volume, of 80,400 shares, the days-to-cover ratio is currently 2.2 days. Approximately 1.9% of the company's stock are short sold. Approximately 1.9% of the company's stock are short sold. Based on an average daily trading volume, of 80,400 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analysts Forecast Growth

Separately, DA Davidson boosted their price target on shares of Meridian Bank from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MRBK. Northern Trust Corp grew its stake in Meridian Bank 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. Jane Street Group LLC acquired a new position in Meridian Bank in the 4th quarter valued at about $322,000. Citadel Advisors LLC grew its stake in Meridian Bank by 29.0% in the 4th quarter. Citadel Advisors LLC now owns 18,347 shares of the company's stock valued at $252,000 after buying an additional 4,129 shares during the last quarter. Millennium Management LLC grew its stake in Meridian Bank by 410.2% in the 4th quarter. Millennium Management LLC now owns 52,244 shares of the company's stock valued at $716,000 after buying an additional 42,004 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Meridian Bank by 3.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 61,367 shares of the company's stock valued at $841,000 after buying an additional 1,800 shares during the last quarter. Institutional investors and hedge funds own 58.56% of the company's stock.

Meridian Bank Stock Performance

Shares of MRBK stock traded down $0.15 on Friday, reaching $15.97. The stock had a trading volume of 224,832 shares, compared to its average volume of 74,818. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The firm's 50-day moving average is $15.05 and its two-hundred day moving average is $14.02. The firm has a market capitalization of $180.46 million, a price-to-earnings ratio of 9.92 and a beta of 0.75. Meridian Bank has a 12 month low of $11.16 and a 12 month high of $17.33.

Meridian Bank (NASDAQ:MRBK - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.42 by $0.07. The company had revenue of $32.45 million for the quarter, compared to analysts' expectations of $29.65 million. Meridian Bank had a net margin of 9.01% and a return on equity of 10.62%. On average, research analysts expect that Meridian Bank will post 2.07 EPS for the current fiscal year.

Meridian Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 18th. Stockholders of record on Monday, August 11th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, August 11th. Meridian Bank's dividend payout ratio is presently 31.06%.

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.