Meridian Bank (NASDAQ:MRBK) Short Interest Up 71.1% in February

Meridian Bank (NASDAQ:MRBK) saw a large growth in short interest in February. As of February 13th, there was short interest totaling 143,819 shares, a growth of 71.1% from the January 29th total of 84,059 shares. Currently, 1.5% of the company’s stock are short sold. Based on an average daily volume of 114,186 shares, the short-interest ratio is presently 1.3 days. Based on an average daily volume of 114,186 shares, the short-interest ratio is presently 1.3 days. Currently, 1.5% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MRBK. Weiss Ratings reissued a “buy (b-)” rating on shares of Meridian Bank in a research report on Monday, December 29th. DA Davidson boosted their price target on shares of Meridian Bank from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Finally, Piper Sandler reissued an “overweight” rating and issued a $22.00 price objective (up from $20.00) on shares of Meridian Bank in a research report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $22.00.

Meridian Bank Stock Down 2.6%

Shares of Meridian Bank stock traded down $0.52 during trading hours on Friday, hitting $19.44. The company had a trading volume of 71,773 shares, compared to its average volume of 91,508. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.98 and a quick ratio of 0.96. The company’s 50-day moving average is $18.77 and its two-hundred day moving average is $16.60. The company has a market cap of $223.95 million, a P/E ratio of 10.29 and a beta of 0.80. Meridian Bank has a twelve month low of $11.16 and a twelve month high of $21.02.

Meridian Bank (NASDAQ:MRBK) last announced its quarterly earnings results on Thursday, January 29th. The company reported $0.61 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 firm had revenue of $34.24 million for the quarter, compared to analyst estimates of $32.41 million. Analysts anticipate that Meridian Bank will post 2.07 earnings per share for the current fiscal year.

Meridian Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, February 9th. This is an increase from Meridian Bank’s previous quarterly dividend of $0.13. Meridian Bank’s dividend payout ratio (DPR) is presently 29.63%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Bessemer Group Inc. acquired a new position in Meridian Bank during the second quarter worth approximately $27,000. CWM LLC acquired a new position in shares of Meridian Bank in the 3rd quarter valued at $34,000. JPMorgan Chase & Co. raised its position in 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 purchasing an additional 4,302 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Meridian Bank in the 2nd quarter valued at $64,000. Finally, BNP Paribas Financial Markets boosted its stake in Meridian Bank by 125.9% during the 3rd 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. Hedge funds and other institutional investors own 58.56% of the company’s stock.

About Meridian Bank

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.