Meridian Bank (NASDAQ:MRBK) Upgraded to “Hold” by Zacks Investment Research

Meridian Bank (NASDAQ:MRBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Meridian Bank of Malvern offers deposit accounts, credit products, real estate financing, residential mortgages, investment and wealth management and electronic payments processing services. Meridian Bank of Malvern is based in United States. “

MRBK stock opened at $16.75 on Tuesday. The firm has a market cap of $110.83 million, a PE ratio of 12.69, a PEG ratio of 1.49 and a beta of -0.07. Meridian Bank has a 52 week low of $15.26 and a 52 week high of $18.88.

Meridian Bank (NASDAQ:MRBK) last announced its quarterly earnings results on Thursday, May 23rd. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.09. The company had revenue of $14.92 million during the quarter, compared to analyst estimates of $15.08 million. Research analysts predict that Meridian Bank will post 1.4 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in MRBK. Banc Funds Co. LLC increased its holdings in Meridian Bank by 5.8% in the 1st quarter. Banc Funds Co. LLC now owns 477,688 shares of the company’s stock valued at $8,617,000 after purchasing an additional 26,172 shares in the last quarter. Punch & Associates Investment Management Inc. increased its holdings in Meridian Bank by 18.8% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 21,500 shares of the company’s stock valued at $388,000 after purchasing an additional 3,400 shares in the last quarter. BlackRock Inc. increased its holdings in Meridian Bank by 15.6% in the 1st quarter. BlackRock Inc. now owns 6,341 shares of the company’s stock valued at $114,000 after purchasing an additional 856 shares in the last quarter. Finally, Vanguard Group Inc increased its holdings in Meridian Bank by 0.5% in the 3rd quarter. Vanguard Group Inc now owns 130,736 shares of the company’s stock valued at $2,248,000 after purchasing an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 45.96% of the company’s stock.

About Meridian Bank

Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for retail and commercial customers primarily in southeastern Pennsylvania, Delaware, and south New Jersey. It offers non-interest bearing deposits and time deposits, as well as interest checking, money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as homeowner mortgages.

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