Hsbc Holdings PLC Buys 1,803 Shares of Meridian Bank $MRBK

Hsbc Holdings PLC increased its stake in shares of Meridian Bank (NASDAQ:MRBK) by 6.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 31,899 shares of the company’s stock after purchasing an additional 1,803 shares during the quarter. Hsbc Holdings PLC owned 0.28% of Meridian Bank worth $458,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Millennium Management LLC increased its position in shares of Meridian Bank by 410.2% during the 4th quarter. Millennium Management LLC now owns 52,244 shares of the company’s stock valued at $716,000 after purchasing an additional 42,004 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Meridian Bank by 113.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 79,065 shares of the company’s stock valued at $1,139,000 after purchasing an additional 42,106 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Meridian Bank during the 4th quarter valued at approximately $322,000. Citadel Advisors LLC increased its position in shares of Meridian Bank by 29.0% during the 4th quarter. Citadel Advisors LLC now owns 18,347 shares of the company’s stock valued at $252,000 after purchasing an additional 4,129 shares during the last quarter. Finally, Ancora Advisors LLC bought a new position in shares of Meridian Bank during the 4th quarter valued at approximately $395,000. Institutional investors own 58.56% of the company’s stock.

Analyst Ratings Changes

Separately, DA Davidson boosted their target price on Meridian Bank from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Meridian Bank has an average rating of “Moderate Buy” and a consensus price target of $17.50.

Meridian Bank Price Performance

MRBK opened at $15.74 on Tuesday. The business has a fifty day moving average of $14.41 and a 200 day moving average of $14.01. Meridian Bank has a 52-week low of $10.89 and a 52-week high of $17.33. The company has a quick ratio of 0.95, a current ratio of 0.97 and a debt-to-equity ratio of 0.28. The stock has a market cap of $177.86 million, a P/E ratio of 9.78 and a beta of 0.75.

Meridian Bank (NASDAQ:MRBK) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.07. Meridian Bank had a return on equity of 10.62% and a net margin of 9.01%.The company had revenue of $32.45 million during the quarter, compared to analysts’ expectations of $29.65 million. As a group, sell-side analysts anticipate that Meridian Bank will post 2.07 EPS for the current year.

Meridian Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 18th. Investors of record on Monday, August 11th were issued a dividend of $0.125 per share. The ex-dividend date was Monday, August 11th. This represents a $0.50 dividend on an annualized basis and a yield of 3.2%. Meridian Bank’s payout ratio is presently 31.06%.

About Meridian Bank

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.