Short Interest in Meridian Bank (NASDAQ:MRBK) Declines By 38.6%

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) saw a large decline in short interest during the month of 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. Approximately 1.9% of the company's shares are sold short. Based on an average trading volume of 80,400 shares, the short-interest ratio is presently 2.2 days. Based on an average trading volume of 80,400 shares, the short-interest ratio is presently 2.2 days. Approximately 1.9% of the company's shares are sold short.

Analyst Upgrades and Downgrades

Separately, DA Davidson upped their price objective on shares of Meridian Bank from $17.00 to $19.00 and gave the company 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $17.50.

Meridian Bank Stock Up 2.4%

Shares of Meridian Bank stock traded up $0.36 during trading hours on Monday, reaching $15.52. 165,705 shares of the company's stock were exchanged, compared to its average volume of 63,417. The stock has a market cap of $175.39 million, a P/E ratio of 9.64 and a beta of 0.75. The company has a 50 day moving average of $14.91 and a two-hundred day moving average of $13.98. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28. Meridian Bank has a fifty-two week low of $11.16 and a fifty-two week high of $17.33.

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

Meridian Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 11th were issued a dividend of $0.125 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $0.50 annualized dividend and a yield of 3.2%. Meridian Bank's dividend payout ratio (DPR) is currently 31.06%.

Hedge Funds Weigh In On Meridian Bank

Several institutional investors and hedge funds have recently modified their holdings of MRBK. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Meridian Bank by 3.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 61,367 shares of the company's stock worth $841,000 after buying an additional 1,800 shares during the period. Hsbc Holdings PLC lifted its position in Meridian Bank by 6.0% during the first quarter. Hsbc Holdings PLC now owns 31,899 shares of the company's stock worth $458,000 after acquiring an additional 1,803 shares during the last quarter. Bessemer Group Inc. acquired a new stake in Meridian Bank during the second quarter worth approximately $27,000. Northern Trust Corp boosted its holdings in shares of Meridian Bank by 16.5% during the fourth quarter. Northern Trust Corp now owns 18,452 shares of the company's stock worth $253,000 after acquiring an additional 2,609 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Meridian Bank by 4.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 86,203 shares of the company's stock valued at $1,111,000 after purchasing an additional 3,475 shares during the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

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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