Zacks Investment Research cut shares of Meridian Bancorp (NASDAQ:EBSB) from a hold rating to a strong sell rating in a report issued on Wednesday.
According to Zacks, “Meridian Bancorp Inc. is a bank holding company for East Boston Savings Bank. The Bank provides financial services to individuals and businesses. It accepts various deposit products, including non-interest-bearing demand deposits; interest-bearing demand accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts. The company also offers loan products consisting of commercial real estate loans, one-to four-family residential loans, multi-family real estate loans, construction loans, commercial business loans, home equity lines of credit, automobile loans, loans secured by passbook or certificate accounts, and overdraft loans. Meridian Bancorp Inc., formerly known as Meridian Interstate Bancorp, Inc., is based in Peabody, Massachusetts. “
Several other analysts also recently issued reports on the stock. BidaskClub downgraded shares of Meridian Bancorp from a hold rating to a sell rating in a report on Tuesday, January 30th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $24.00 price objective on shares of Meridian Bancorp in a report on Thursday, January 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $21.50.
Meridian Bancorp opened at $19.25 on Wednesday, according to MarketBeat Ratings. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.04 billion, a P/E ratio of 19.25 and a beta of 0.26. Meridian Bancorp has a 1 year low of $15.85 and a 1 year high of $21.85.
In other news, EVP Frank Romano acquired 14,365 shares of the firm’s stock in a transaction that occurred on Friday, April 27th. The stock was acquired at an average cost of $18.85 per share, with a total value of $270,780.25. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in shares of Meridian Bancorp during the 1st quarter worth $144,000. Xact Kapitalforvaltning AB bought a new stake in shares of Meridian Bancorp during the 4th quarter worth $201,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Meridian Bancorp during the 4th quarter worth $203,000. Commerce Bank bought a new stake in shares of Meridian Bancorp during the 4th quarter worth $230,000. Finally, Stone Ridge Asset Management LLC bought a new stake in Meridian Bancorp in the 4th quarter valued at $247,000. 67.55% of the stock is owned by institutional investors and hedge funds.
About Meridian Bancorp
Meridian Bancorp, Inc operates as the holding company for East Boston Savings Bank that provides various financial products and services for individuals and businesses primarily in Essex, Middlesex, Norfolk, and Suffolk Counties, Massachusetts. The company accepts various deposit products, including non-interest-bearing demand deposits, such as checking accounts; interest-bearing demand accounts comprising NOW and money market accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts.
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