Key Financial Inc Makes New Investment in Meridian Bank $MRBK

Key Financial Inc purchased a new stake in shares of Meridian Bank (NASDAQ:MRBK) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 59,366 shares of the company’s stock, valued at approximately $917,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC purchased a new stake in Meridian Bank in the 1st quarter worth about $209,000. Goldman Sachs Group Inc. lifted its holdings in Meridian Bank by 114.1% during the first quarter. Goldman Sachs Group Inc. now owns 83,179 shares of the company’s stock valued at $1,198,000 after purchasing an additional 44,332 shares during the last quarter. Jane Street Group LLC boosted its position in Meridian Bank by 178.7% during the first quarter. Jane Street Group LLC now owns 65,483 shares of the company’s stock worth $943,000 after purchasing an additional 41,984 shares during the period. Bessemer Group Inc. purchased a new position in shares of Meridian Bank in the second quarter worth about $27,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Meridian Bank by 9.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 86,608 shares of the company’s stock worth $1,116,000 after purchasing an additional 7,543 shares in the last quarter. Institutional investors own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MRBK shares. Weiss Ratings restated a “buy (b-)” rating on shares of Meridian Bank in a research note on Monday, December 29th. Piper Sandler reissued an “overweight” rating and set a $22.00 target price (up previously from $20.00) on shares of Meridian Bank in a report on Tuesday. Finally, DA Davidson increased their target price on Meridian Bank from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, Meridian Bank presently has a consensus rating of “Buy” and a consensus target price of $22.00.

Meridian Bank Price Performance

MRBK stock opened at $20.71 on Friday. The firm has a 50 day moving average of $17.85 and a 200-day moving average of $16.05. The firm has a market capitalization of $238.58 million, a P/E ratio of 10.96 and a beta of 0.80. Meridian Bank has a 12 month low of $11.16 and a 12 month high of $21.02. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26.

Meridian Bank (NASDAQ:MRBK) last posted its earnings results on Thursday, January 29th. The company reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.06. Meridian Bank had a net margin of 10.63% and a return on equity of 12.14%. The business had revenue of $34.24 million for the quarter, compared to analysts’ expectations of $32.41 million. As a group, sell-side analysts predict that Meridian Bank will post 2.07 earnings per share for the current fiscal year.

Meridian Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 17th. Investors of record on Monday, February 9th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from Meridian Bank’s previous quarterly dividend of $0.13. The ex-dividend date is Monday, February 9th. Meridian Bank’s dividend payout ratio (DPR) is 26.46%.

Meridian Bank Company Profile

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.