Wescott Financial Advisory Group LLC purchased a new stake in Meridian Co. (NASDAQ:MRBK) during the second quarter, HoldingsChannel.com reports. The fund purchased 13,399 shares of the company’s stock, valued at approximately $348,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new position in Meridian in the first quarter valued at approximately $55,000. BNP Paribas Arbitrage SA raised its holdings in shares of Meridian by 75.2% in the first quarter. BNP Paribas Arbitrage SA now owns 2,269 shares of the company’s stock valued at $59,000 after purchasing an additional 974 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of Meridian in the first quarter valued at approximately $201,000. Panagora Asset Management Inc. acquired a new stake in shares of Meridian in the first quarter valued at approximately $230,000. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Meridian in the first quarter valued at approximately $238,000. 38.34% of the stock is currently owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research upgraded shares of Meridian from a “hold” rating to a “buy” rating and set a $29.00 price objective on the stock in a report on Friday, July 30th.
Meridian (NASDAQ:MRBK) last posted its quarterly earnings data on Sunday, July 25th. The company reported $1.33 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.17. Meridian had a net margin of 20.75% and a return on equity of 25.72%. The company had revenue of $37.14 million for the quarter, compared to the consensus estimate of $36.57 million. As a group, equities analysts anticipate that Meridian Co. will post 5.27 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Monday, August 9th were issued a dividend of $0.125 per share. The ex-dividend date was Friday, August 6th. This represents a $0.50 dividend on an annualized basis and a yield of 1.78%. Meridian’s payout ratio is 11.71%.
Meridian Corp. is a bank holding company, which engages in the provision of commercial and consumer banking services. It operates through the following segments: Banking, Meridian Wealth, and Mortgage Banking. The Banking segment consists of commercial and retail banking. The Meridian Wealth segment offers wealth management services and products.
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