Meridian (NASDAQ:MRBK) PT Raised to $13.00 at Piper Sandler

Meridian (NASDAQ:MRBK) had its target price hoisted by Piper Sandler from $11.00 to $13.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Meridian Stock Performance

Shares of Meridian stock opened at $11.59 on Tuesday. The company has a 50 day moving average of $10.75 and a 200-day moving average of $10.24. Meridian has a 1-year low of $8.26 and a 1-year high of $14.24. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.31. The company has a market cap of $129.65 million, a PE ratio of 11.04 and a beta of 0.74.

Meridian Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 12th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.31%. The ex-dividend date is Monday, August 12th. Meridian’s dividend payout ratio (DPR) is presently 47.62%.

Institutional Trading of Meridian

A number of institutional investors and hedge funds have recently made changes to their positions in MRBK. LSV Asset Management lifted its holdings 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 period. Banc Funds Co. LLC lifted its stake in Meridian by 7.4% in the 4th quarter. Banc Funds Co. LLC now owns 782,678 shares of the company’s stock valued at $10,879,000 after purchasing an additional 53,990 shares during the last quarter. Borer Denton & Associates Inc. bought a new position in Meridian in the 4th quarter valued at approximately $476,000. Mendon Capital Advisors Corp bought a new position in Meridian in the 4th quarter valued at approximately $670,000. Finally, Strid Group LLC bought a new position in Meridian in the 1st quarter valued at approximately $431,000. Institutional investors own 58.56% of the company’s stock.

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.