DA Davidson Comments on Meridian Co.’s Q3 2024 Earnings (NASDAQ:MRBK)

Meridian Co. (NASDAQ:MRBK) – Equities researchers at DA Davidson reduced their Q3 2024 earnings per share estimates for Meridian in a note issued to investors on Thursday, October 3rd. DA Davidson analyst M. Navas now anticipates that the company will earn $0.36 per share for the quarter, down from their previous forecast of $0.38. The consensus estimate for Meridian’s current full-year earnings is $1.25 per share.

Meridian (NASDAQ:MRBK) last announced its earnings results on Friday, July 26th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.02). The firm had revenue of $26.09 million during the quarter, compared to analyst estimates of $25.57 million. Meridian had a net margin of 5.85% and a return on equity of 6.66%.

Separately, Piper Sandler lifted their target price on shares of Meridian from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th.

Meridian Stock Performance

NASDAQ:MRBK opened at $13.05 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.97 and a quick ratio of 0.95. The firm has a market cap of $145.98 million, a PE ratio of 12.43 and a beta of 0.75. The firm has a 50 day simple moving average of $11.60 and a 200-day simple moving average of $10.52. Meridian has a 1-year low of $8.26 and a 1-year high of $14.24.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Acadian Asset Management LLC increased its position in Meridian by 4.6% during the first quarter. Acadian Asset Management LLC now owns 54,409 shares of the company’s stock worth $538,000 after purchasing an additional 2,396 shares during the last quarter. Dimensional Fund Advisors LP grew its stake 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. Finally, Borer Denton & Associates Inc. acquired a new stake in shares of Meridian during the 4th quarter worth $476,000. 58.56% of the stock is currently owned by hedge funds and other institutional investors.

Meridian Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 12th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Monday, August 12th. Meridian’s dividend payout ratio (DPR) is 47.62%.

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.