Meridian Bancorp (NASDAQ:EBSB) Downgraded by BidaskClub

BidaskClub lowered shares of Meridian Bancorp (NASDAQ:EBSB) from a buy rating to a hold rating in a research report released on Thursday morning, BidAskClub reports.

Several other analysts also recently issued reports on the company. Zacks Investment Research upgraded HB Fuller from a sell rating to a hold rating in a report on Wednesday, July 3rd. Piper Jaffray Companies set a $8.00 target price on Ocular Therapeutix and gave the company a buy rating in a report on Tuesday, July 2nd. Finally, ValuEngine downgraded Zumiez from a hold rating to a sell rating in a report on Monday, May 13th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Meridian Bancorp presently has an average rating of Buy and a consensus price target of $18.67.

NASDAQ EBSB opened at $18.46 on Thursday. The business’s 50-day moving average is $17.99. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.77. The firm has a market cap of $988.39 million, a P/E ratio of 17.42 and a beta of 0.50. Meridian Bancorp has a 1 year low of $13.67 and a 1 year high of $19.32.

Meridian Bancorp (NASDAQ:EBSB) last posted its quarterly earnings data on Tuesday, April 23rd. The savings and loans company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The firm had revenue of $46.43 million for the quarter, compared to the consensus estimate of $46.00 million. Meridian Bancorp had a return on equity of 8.70% and a net margin of 23.48%. On average, research analysts forecast that Meridian Bancorp will post 1.28 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Tuesday, June 18th were issued a $0.07 dividend. The ex-dividend date was Monday, June 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.52%. Meridian Bancorp’s dividend payout ratio is 26.42%.

Several institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC increased its holdings in shares of Meridian Bancorp by 0.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 95,894 shares of the savings and loans company’s stock valued at $1,715,000 after purchasing an additional 620 shares during the period. Legal & General Group Plc increased its holdings in shares of Meridian Bancorp by 10.3% in the 4th quarter. Legal & General Group Plc now owns 8,597 shares of the savings and loans company’s stock valued at $123,000 after purchasing an additional 806 shares during the period. Prudential Financial Inc. increased its holdings in shares of Meridian Bancorp by 9.0% in the 4th quarter. Prudential Financial Inc. now owns 11,440 shares of the savings and loans company’s stock valued at $164,000 after purchasing an additional 945 shares during the period. Kessler Investment Group LLC increased its holdings in shares of Meridian Bancorp by 14.4% in the 1st quarter. Kessler Investment Group LLC now owns 10,963 shares of the savings and loans company’s stock valued at $172,000 after purchasing an additional 1,382 shares during the period. Finally, Bessemer Group Inc. increased its holdings in shares of Meridian Bancorp by 1.6% in the 2nd quarter. Bessemer Group Inc. now owns 114,800 shares of the savings and loans company’s stock valued at $2,054,000 after purchasing an additional 1,800 shares during the period. Institutional investors own 65.33% of the company’s stock.

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 Suffolk, Norfolk, Middlesex and Essex 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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