Zacks: Meridian Bank (NASDAQ:MRBK) Receives Average Rating of “Strong Buy” from Analysts
Meridian Bank (NASDAQ:MRBK) has earned a consensus broker rating score of 1.33 (Strong Buy) from the three brokers that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy recommendation and two have given a strong buy recommendation to the company.
Brokers have set a 1 year consensus price objective of $18.33 for the company and are expecting that the company will post $0.18 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Meridian Bank an industry rank of 196 out of 254 based on the ratings given to related companies.
A number of research firms recently issued reports on MRBK. DA Davidson decreased their target price on shares of Meridian Bank from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Zacks Investment Research downgraded shares of Meridian Bank from a “buy” rating to a “hold” rating in a research report on Friday, June 19th. Finally, ValuEngine upgraded shares of Meridian Bank from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 6th.
Meridian Bank (NASDAQ:MRBK) last announced its quarterly earnings data on Monday, April 27th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.16. The company had revenue of $20.02 million for the quarter, compared to analysts’ expectations of $17.11 million. On average, analysts predict that Meridian Bank will post 1.69 EPS for the current fiscal year.
In other Meridian Bank news, Director Robert T. Holland acquired 1,800 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average price of $16.54 per share, with a total value of $29,772.00. Also, CEO Christopher J. Annas acquired 3,360 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were acquired at an average cost of $15.50 per share, with a total value of $52,080.00. In the last 90 days, insiders have purchased 6,160 shares of company stock valued at $97,352. Insiders own 12.69% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Fourthstone LLC acquired a new position in shares of Meridian Bank in the 4th quarter worth approximately $2,033,000. Ancora Advisors LLC raised its holdings in shares of Meridian Bank by 3.0% in the 4th quarter. Ancora Advisors LLC now owns 23,309 shares of the company’s stock valued at $471,000 after purchasing an additional 684 shares in the last quarter. UBS Group AG raised its holdings in shares of Meridian Bank by 30.8% in the 1st quarter. UBS Group AG now owns 3,271 shares of the company’s stock valued at $45,000 after purchasing an additional 771 shares in the last quarter. BlackRock Inc. grew its position in shares of Meridian Bank by 149.4% in the 1st quarter. BlackRock Inc. now owns 17,021 shares of the company’s stock valued at $233,000 after buying an additional 10,197 shares during the last quarter. Finally, First Manhattan Co. grew its position in shares of Meridian Bank by 2.9% in the 1st quarter. First Manhattan Co. now owns 147,949 shares of the company’s stock valued at $2,023,000 after buying an additional 4,149 shares during the last quarter. 41.14% of the stock is owned by institutional investors.
Meridian Bank Company Profile
Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for small and middle market businesses primarily in southeast Pennsylvania, Delaware, and southern New Jersey. The company offers non-interest and interest checking deposits and time deposits, as well as money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as business lines of credit, term loans, small business lending, lease financing, and shared national credits.
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