Short Interest in Meridian Co. (NASDAQ:MRBK) Drops By 35.6%

Meridian Co. (NASDAQ:MRBK) was the target of a large drop in short interest in June. As of June 30th, there was short interest totalling 9,600 shares, a drop of 35.6% from the June 15th total of 14,900 shares. Based on an average daily trading volume, of 11,600 shares, the days-to-cover ratio is presently 0.8 days.

Meridian Price Performance

NASDAQ MRBK traded up $0.41 during trading on Friday, hitting $11.66. 1,317 shares of the stock traded hands, compared to its average volume of 12,649. The company has a market capitalization of $130.48 million, a P/E ratio of 10.71 and a beta of 0.74. The firm has a 50-day simple moving average of $9.99 and a 200-day simple moving average of $10.46. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.31. Meridian has a 12-month low of $8.26 and a 12-month high of $14.24.

Meridian (NASDAQ:MRBK) last released its quarterly earnings results on Friday, April 26th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.01. The business had revenue of $45.20 million during the quarter, compared to analysts’ expectations of $23.68 million. Meridian had a return on equity of 7.59% and a net margin of 6.75%. As a group, analysts predict that Meridian will post 1.35 EPS for the current year.

Meridian Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Monday, May 13th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 4.29%. The ex-dividend date was Friday, May 10th. Meridian’s payout ratio is 47.62%.

Institutional Investors Weigh In On Meridian

Several institutional investors have recently modified their holdings of MRBK. Strid Group LLC bought a new stake in shares of Meridian in the 1st quarter valued at approximately $431,000. Borer Denton & Associates Inc. bought a new stake in shares of Meridian during the 4th quarter worth approximately $476,000. Acadian Asset Management LLC lifted its stake in shares of Meridian by 4.6% during the 1st quarter. Acadian Asset Management LLC now owns 54,409 shares of the company’s stock worth $538,000 after acquiring an additional 2,396 shares during the last quarter. Mendon Capital Advisors Corp bought a new stake in shares of Meridian during the 4th quarter worth approximately $670,000. Finally, LSV Asset Management lifted its stake in shares of Meridian by 3.5% during the 4th quarter. LSV Asset Management now owns 92,822 shares of the company’s stock worth $1,290,000 after acquiring an additional 3,114 shares during the last quarter. 58.56% of the stock is owned by institutional investors.

Meridian 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.