Banc Funds Co. LLC Takes $169,000 Position in Meridian Bancorp, Inc. (EBSB)
Banc Funds Co. LLC acquired a new stake in Meridian Bancorp, Inc. (NASDAQ:EBSB) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 10,001 shares of the savings and loans company’s stock, valued at approximately $169,000.
Several other hedge funds have also recently added to or reduced their stakes in EBSB. Wells Fargo & Company MN increased its position in shares of Meridian Bancorp by 12.3% in the first quarter. Wells Fargo & Company MN now owns 47,482 shares of the savings and loans company’s stock valued at $869,000 after acquiring an additional 5,200 shares during the period. First Trust Advisors LP increased its position in shares of Meridian Bancorp by 56.6% in the first quarter. First Trust Advisors LP now owns 185,503 shares of the savings and loans company’s stock valued at $3,395,000 after acquiring an additional 67,039 shares during the period. Bank of New York Mellon Corp increased its position in shares of Meridian Bancorp by 6.4% in the first quarter. Bank of New York Mellon Corp now owns 262,469 shares of the savings and loans company’s stock valued at $4,803,000 after acquiring an additional 15,729 shares during the period. Sei Investments Co. increased its position in shares of Meridian Bancorp by 5.8% in the first quarter. Sei Investments Co. now owns 5,918 shares of the savings and loans company’s stock valued at $108,000 after acquiring an additional 325 shares during the period. Finally, TD Asset Management Inc. increased its position in shares of Meridian Bancorp by 16.8% in the first quarter. TD Asset Management Inc. now owns 43,908 shares of the savings and loans company’s stock valued at $804,000 after acquiring an additional 6,308 shares during the period. Hedge funds and other institutional investors own 64.69% of the company’s stock.
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EBSB has been the topic of a number of analyst reports. Compass Point upgraded shares of Meridian Bancorp from a “neutral” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Monday, June 26th. BidaskClub cut shares of Meridian Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Piper Jaffray Companies restated a “hold” rating on shares of Meridian Bancorp in a research report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $19.00 price objective on shares of Meridian Bancorp in a research report on Thursday, August 31st.
Meridian Bancorp, Inc. (EBSB) opened at 18.85 on Thursday. The stock has a market cap of $961.41 million, a PE ratio of 24.17 and a beta of 0.28. The company’s 50 day moving average is $17.60 and its 200 day moving average is $17.46. Meridian Bancorp, Inc. has a 12 month low of $15.06 and a 12 month high of $20.55.
Meridian Bancorp (NASDAQ:EBSB) last released its earnings results on Tuesday, July 25th. The savings and loans company reported $0.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.04. The firm had revenue of $40.49 million during the quarter. Meridian Bancorp had a net margin of 22.50% and a return on equity of 6.77%. On average, analysts anticipate that Meridian Bancorp, Inc. will post $0.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Tuesday, September 19th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $0.16 annualized dividend and a dividend yield of 0.86%. Meridian Bancorp’s dividend payout ratio (DPR) is presently 20.00%.
In related news, Director James G. Sartori sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $17.36, for a total value of $26,040.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Frank Romano purchased 3,785 shares of Meridian Bancorp stock in a transaction that occurred on Thursday, August 3rd. The stock was bought at an average cost of $17.69 per share, for a total transaction of $66,956.65. The disclosure for this purchase can be found here. 5.10% of the stock is currently owned by company insiders.
Meridian Bancorp Company Profile
Meridian Bancorp Inc, formerly Meridian Interstate Bancorp, Inc, is a mid-tier stock holding company of East Boston Savings Bank (the Bank). The Bank is a state-chartered stock savings bank that operates from 24 full-service locations and two loan centers in the Boston metropolitan area. East Boston Savings Bank operates eight of its full-service locations and a loan center under the name Mt.
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