Cortina Asset Management LLC Decreases Holdings in Meridian Bancorp Inc (EBSB)
Cortina Asset Management LLC trimmed its position in shares of Meridian Bancorp Inc (NASDAQ:EBSB) by 25.8% during the second quarter, HoldingsChannel reports. The firm owned 269,779 shares of the savings and loans company’s stock after selling 93,957 shares during the quarter. Cortina Asset Management LLC’s holdings in Meridian Bancorp were worth $5,166,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in EBSB. Hennessy Advisors Inc. lifted its stake in Meridian Bancorp by 10.4% during the first quarter. Hennessy Advisors Inc. now owns 425,000 shares of the savings and loans company’s stock worth $8,564,000 after purchasing an additional 40,000 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Meridian Bancorp by 16.2% during the first quarter. Wells Fargo & Company MN now owns 261,251 shares of the savings and loans company’s stock worth $5,264,000 after purchasing an additional 36,429 shares in the last quarter. SG Americas Securities LLC acquired a new position in Meridian Bancorp during the first quarter worth $144,000. Victory Capital Management Inc. lifted its stake in Meridian Bancorp by 32.3% during the first quarter. Victory Capital Management Inc. now owns 19,328 shares of the savings and loans company’s stock worth $389,000 after purchasing an additional 4,722 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its stake in Meridian Bancorp by 3.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 267,524 shares of the savings and loans company’s stock worth $5,391,000 after purchasing an additional 8,423 shares in the last quarter. Institutional investors own 67.09% of the company’s stock.
EBSB has been the topic of a number of research reports. BidaskClub cut Meridian Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, July 20th. Zacks Investment Research upgraded Meridian Bancorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, June 7th. Finally, ValuEngine cut Meridian Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd.
Meridian Bancorp (NASDAQ:EBSB) last announced its quarterly earnings data on Thursday, July 26th. The savings and loans company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.01. The business had revenue of $43.91 million for the quarter, compared to analysts’ expectations of $43.80 million. Meridian Bancorp had a return on equity of 8.50% and a net margin of 21.43%. analysts anticipate that Meridian Bancorp Inc will post 1.06 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 2nd. Stockholders of record on Tuesday, September 18th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Monday, September 17th. Meridian Bancorp’s payout ratio is currently 21.05%.
In other news, Director James G. Sartori sold 19,852 shares of the stock in a transaction on Monday, June 4th. The stock was sold at an average price of $19.48, for a total value of $386,716.96. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.30% of the stock is currently owned by company insiders.
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 Essex, Middlesex, Norfolk, and Suffolk 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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