DA Davidson Upgrades Meridian Bank (NASDAQ:MRBK) to “Strong-Buy”

Meridian Bank (NASDAQ:MRBK) was upgraded by research analysts at DA Davidson to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Separately, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Meridian Bank in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Meridian Bank presently has an average rating of “Buy” and a consensus target price of $17.50.

Meridian Bank Stock Up 2.2%

Shares of NASDAQ MRBK opened at $14.68 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $165.90 million, a PE ratio of 9.12 and a beta of 0.79. The stock’s fifty day simple moving average is $15.32 and its two-hundred day simple moving average is $14.17. Meridian Bank has a 12-month low of $11.16 and a 12-month high of $17.33.

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

Institutional Trading of Meridian Bank

Institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. acquired a new stake in shares of Meridian Bank in the 2nd quarter worth $27,000. CWM LLC acquired a new stake in shares of Meridian Bank in the 3rd quarter worth $34,000. JPMorgan Chase & Co. boosted its position in shares of Meridian Bank by 26,887.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,318 shares of the company’s stock worth $56,000 after purchasing an additional 4,302 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Meridian Bank in the 2nd quarter worth $64,000. Finally, Bank of America Corp DE boosted its position in shares of Meridian Bank by 166.6% in the 2nd quarter. Bank of America Corp DE now owns 6,103 shares of the company’s stock worth $79,000 after purchasing an additional 3,814 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

Meridian Bank Company Profile

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.