Meridian Bank (NASDAQ:MRBK) Posts Earnings Results, Beats Expectations By $0.06 EPS

by · The Cerbat Gem

Meridian Bank (NASDAQ:MRBK – Get Free Report) released its earnings results on Thursday. The company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.55 by $0.06, FiscalAI reports. Meridian Bank had a return on equity of 11.39% and a net margin of 9.86%.The firm had revenue of $34.24 million during the quarter, compared to analyst estimates of $32.41 million.

Meridian Bank Stock Up 2.3%

NASDAQ:MRBK traded up $0.42 during mid-day trading on Thursday, hitting $18.68. The company had a trading volume of 41,274 shares, compared to its average volume of 67,339. The business has a fifty day simple moving average of $17.25 and a 200-day simple moving average of $15.78. The firm has a market capitalization of $215.19 million, a price-to-earnings ratio of 10.55 and a beta of 0.81. Meridian Bank has a 1 year low of $11.16 and a 1 year high of $19.24. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26.

Analysts Set New Price Targets

MRBK has been the subject of a number of research analyst reports. DA Davidson raised shares of Meridian Bank to a “strong-buy” rating in a research note on Monday, October 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Meridian Bank in a report on Monday, December 29th. Finally, Piper Sandler set a $19.00 price target on shares of Meridian Bank and gave the stock an “overweight” rating in a research note on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. According to data from MarketBeat, Meridian Bank presently has a consensus rating of “Buy” and an average target price of $19.00.

Read Our Latest Analysis on Meridian Bank

Institutional Trading of Meridian Bank

A number of hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Meridian Bank by 26,887.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,318 shares of the company’s stock valued at $56,000 after acquiring an additional 4,302 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Meridian Bank during the second quarter valued at $64,000. BNP Paribas Financial Markets raised its holdings in shares of Meridian Bank by 125.9% during the third quarter. BNP Paribas Financial Markets now owns 4,183 shares of the company’s stock worth $66,000 after purchasing an additional 2,331 shares during the period. Bank of America Corp DE lifted its position in shares of Meridian Bank by 166.6% in the 2nd quarter. Bank of America Corp DE now owns 6,103 shares of the company’s stock worth $79,000 after buying an additional 3,814 shares during the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of Meridian Bank in the 2nd quarter valued at about $106,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Meridian Bank Company Profile

(Get Free Report)

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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