Meridian Co. Declares Quarterly Dividend of $0.13 (NASDAQ:MRBK)

Meridian Co. (NASDAQ:MRBK) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Monday, May 13th will be given a dividend of 0.125 per share on Monday, May 20th. This represents a $0.50 dividend on an annualized basis and a yield of 5.52%. The ex-dividend date of this dividend is Friday, May 10th.

Meridian has increased its dividend by an average of 58.7% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Meridian has a dividend payout ratio of 30.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Meridian to earn $1.80 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 27.8%.

Meridian Stock Up 1.1 %

Shares of MRBK stock traded up $0.10 during midday trading on Wednesday, reaching $9.05. 2,469 shares of the stock were exchanged, compared to its average volume of 13,335. The firm has a market cap of $101.27 million, a PE ratio of 8.52 and a beta of 0.70. The company has a current ratio of 0.98, a quick ratio of 0.97 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average is $9.37 and its two-hundred day moving average is $11.09. Meridian has a 1 year low of $8.26 and a 1 year high of $14.24.

Meridian (NASDAQ:MRBK) last issued its quarterly earnings results on Friday, April 26th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The company had revenue of $45.20 million during the quarter, compared to analyst estimates of $23.68 million. Meridian had a net margin of 6.75% and a return on equity of 7.64%. On average, equities research analysts predict that Meridian will post 1.35 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on MRBK shares. Piper Sandler lowered shares of Meridian from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $14.00 to $13.00 in a research report on Monday, January 29th. TheStreet downgraded Meridian from a “b-” rating to a “c” rating in a report on Friday, January 26th.

About Meridian

Meridian Corporation operates as the holding company for Meridian Bank that provides commercial banking products and services in Pennsylvania, New Jersey, Delaware, Florida, and Maryland. The company offers various deposit products, such as demand non-interest bearing, demand interest bearing, savings accounts, money market accounts, and time deposits.