Short Interest in Meridian Bank (NASDAQ:MRBK) Grows By 71.1%

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

Meridian Bank Stock Performance

MRBK stock traded up $0.23 during mid-day trading on Monday, reaching $19.67. 26,216 shares of the stock traded hands, compared to its average volume of 83,197. The firm has a market capitalization of $226.55 million, a PE ratio of 10.41 and a beta of 0.80. The business has a 50-day moving average of $18.77 and a two-hundred day moving average of $16.62. Meridian Bank has a 52 week low of $11.16 and a 52 week high of $21.02. The company has a quick ratio of 0.96, a current ratio of 0.98 and a debt-to-equity ratio of 0.26.

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

Meridian Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 17th. Stockholders of record on Monday, February 9th were paid a $0.14 dividend. The ex-dividend date was Monday, February 9th. This is a positive change from Meridian Bank’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 2.8%. Meridian Bank’s dividend payout ratio is 29.63%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. DA Davidson upped their price objective 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. Piper Sandler reiterated an “overweight” rating and set a $22.00 price target (up from $20.00) on shares of Meridian Bank in a research note on Tuesday, February 3rd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Meridian Bank in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Meridian Bank currently has an average rating of “Buy” and a consensus price target of $22.00.

Institutional Trading of Meridian Bank

A number of hedge funds have recently bought and sold shares of the stock. CWM LLC bought a new position in shares of Meridian Bank during the 3rd quarter worth about $34,000. Bessemer Group Inc. acquired a new stake in Meridian Bank during the second quarter worth about $27,000. BNP Paribas Financial Markets increased its stake in Meridian Bank by 125.9% during the third quarter. BNP Paribas Financial Markets now owns 4,183 shares of the company’s stock valued at $66,000 after acquiring an additional 2,331 shares during the period. JPMorgan Chase & Co. raised its holdings 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 acquiring an additional 4,302 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Meridian Bank in the 2nd quarter valued at approximately $64,000. 58.56% of the stock is owned by institutional investors.

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.