Piper Sandler Cuts Meridian (NASDAQ:MRBK) Price Target to $16.00

Meridian (NASDAQ:MRBK) had its target price cut by Piper Sandler from $17.00 to $16.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Separately, DA Davidson lowered their price target on Meridian from $19.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday.

Meridian Stock Down 1.6 %

MRBK stock opened at $13.28 on Tuesday. Meridian has a fifty-two week low of $8.69 and a fifty-two week high of $17.33. The company’s 50 day moving average price is $13.94 and its 200 day moving average price is $14.66. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.95 and a current ratio of 0.97. The firm has a market capitalization of $149.86 million, a price-to-earnings ratio of 9.16 and a beta of 0.68.

Meridian (NASDAQ:MRBK) last announced its quarterly earnings results on Friday, April 25th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.12). The business had revenue of $27.10 million for the quarter, compared to analysts’ expectations of $27.93 million. Meridian had a return on equity of 10.01% and a net margin of 8.28%. On average, equities research analysts anticipate that Meridian will post 2.07 EPS for the current fiscal year.

Meridian Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 19th. Shareholders of record on Monday, May 12th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Monday, May 12th. This represents a $0.50 annualized dividend and a yield of 3.77%. Meridian’s dividend payout ratio is presently 35.21%.

Institutional Trading of Meridian

A number of hedge funds and other institutional investors have recently made changes to their positions in MRBK. Y Intercept Hong Kong Ltd purchased a new position in Meridian during the 4th quarter worth approximately $139,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Meridian during the fourth quarter worth approximately $186,000. Citadel Advisors LLC increased its holdings in shares of Meridian by 29.0% in the 4th quarter. Citadel Advisors LLC now owns 18,347 shares of the company’s stock valued at $252,000 after acquiring an additional 4,129 shares during the period. Northern Trust Corp raised its position in Meridian by 16.5% in the 4th quarter. Northern Trust Corp now owns 18,452 shares of the company’s stock valued at $253,000 after purchasing an additional 2,609 shares during the last quarter. Finally, 683 Capital Management LLC acquired a new stake in Meridian during the 4th quarter worth $315,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

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.