Piper Sandler Increases Meridian (NASDAQ:MRBK) Price Target to $15.00

Meridian (NASDAQ:MRBK) had its price objective boosted by Piper Sandler from $14.00 to $15.00 in a report released on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Meridian Trading Down 1.4 %

Meridian stock opened at $13.84 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.95 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. The stock’s 50 day simple moving average is $12.48 and its two-hundred day simple moving average is $11.02. The firm has a market cap of $154.88 million, a PE ratio of 13.70 and a beta of 0.75.

Meridian (NASDAQ:MRBK) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.35 by $0.07. Meridian had a return on equity of 7.07% and a net margin of 6.00%. The business had revenue of $51.15 million for the quarter, compared to analyst estimates of $26.57 million. Analysts anticipate that Meridian will post 1.29 earnings per share for the current year.

Meridian Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.61%. Meridian’s dividend payout ratio (DPR) is 49.50%.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Meridian stock. Dimensional Fund Advisors LP increased its holdings in shares of Meridian Co. (NASDAQ:MRBK) by 6.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,249 shares of the company’s stock after buying an additional 10,514 shares during the period. Dimensional Fund Advisors LP owned about 1.53% of Meridian worth $1,801,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 58.56% of the stock is currently owned by hedge funds and other 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.