Meridian Co. (NASDAQ:MRBK) Shares Sold by Northeast Financial Consultants Inc

Northeast Financial Consultants Inc decreased its holdings in Meridian Co. (NASDAQ:MRBK) by 33.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 10,000 shares of the company’s stock after selling 5,000 shares during the period. Northeast Financial Consultants Inc’s holdings in Meridian were worth $126,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MRBK. Banc Funds Co. LLC raised its position in Meridian by 4.7% in the third quarter. Banc Funds Co. LLC now owns 829,153 shares of the company’s stock valued at $10,480,000 after purchasing an additional 37,450 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Meridian in the third quarter valued at about $128,000. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Meridian by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 171,249 shares of the company’s stock valued at $1,801,000 after buying an additional 10,514 shares during the period. 58.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Piper Sandler boosted their price target on Meridian from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. DA Davidson boosted their target price on shares of Meridian from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th.

Meridian Stock Up 1.1 %

Shares of Meridian stock opened at $17.08 on Monday. Meridian Co. has a 1-year low of $8.26 and a 1-year high of $17.33. The company has a market capitalization of $191.98 million, a PE ratio of 16.91 and a beta of 0.78. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.97 and a quick ratio of 0.95. The business has a 50-day moving average of $14.18 and a 200-day moving average of $12.14.

Meridian (NASDAQ:MRBK) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.07. Meridian had a return on equity of 6.99% and a net margin of 6.00%. The firm had revenue of $51.15 million during the quarter, compared to the consensus estimate of $26.57 million. As a group, equities analysts forecast that Meridian Co. will post 1.29 EPS for the current fiscal year.

Meridian Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 12th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend was Tuesday, November 12th. Meridian’s payout ratio is currently 49.51%.

About Meridian

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.