Meridian Bancorp (NASDAQ:EBSB) Upgraded at BidaskClub

BidaskClub upgraded shares of Meridian Bancorp (NASDAQ:EBSB) from a sell rating to a hold rating in a report issued on Thursday, BidAskClub reports.

A number of other brokerages have also issued reports on EBSB. Zacks Investment Research lowered shares of Meridian Bancorp from a hold rating to a sell rating in a research report on Wednesday, September 4th. Piper Jaffray Companies upgraded shares of Meridian Bancorp from a neutral rating to an overweight rating and increased their target price for the stock from $18.50 to $20.00 in a research report on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Meridian Bancorp has a consensus rating of Hold and an average price target of $18.67.

Shares of EBSB opened at $18.73 on Thursday. Meridian Bancorp has a 52 week low of $13.67 and a 52 week high of $19.32. The firm has a market cap of $992.33 million, a P/E ratio of 16.18 and a beta of 0.55. The firm’s 50-day simple moving average is $17.81 and its 200 day simple moving average is $17.24. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.21 and a current ratio of 1.21.

Meridian Bancorp (NASDAQ:EBSB) last announced its quarterly earnings results on Tuesday, July 23rd. The savings and loans company reported $0.29 EPS for the quarter, missing the Zacks’ consensus estimate of $0.30 by ($0.01). Meridian Bancorp had a net margin of 22.96% and a return on equity of 8.77%. The company had revenue of $45.42 million during the quarter, compared to analyst estimates of $47.10 million.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be given a dividend of $0.07 per share. The ex-dividend date is Monday, September 16th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.49%. Meridian Bancorp’s payout ratio is presently 26.42%.

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new position in shares of Meridian Bancorp during the 1st quarter worth approximately $156,000. Aperio Group LLC acquired a new position in shares of Meridian Bancorp during the 2nd quarter worth approximately $178,000. BNP Paribas Arbitrage SA grew its position in shares of Meridian Bancorp by 508.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 10,008 shares of the savings and loans company’s stock worth $157,000 after purchasing an additional 8,362 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Meridian Bancorp during the 2nd quarter worth approximately $213,000. Finally, Royal Bank of Canada grew its position in shares of Meridian Bancorp by 48.7% during the 2nd quarter. Royal Bank of Canada now owns 12,510 shares of the savings and loans company’s stock worth $223,000 after purchasing an additional 4,095 shares in the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Meridian Bancorp

Meridian Bancorp, Inc operates as the holding company for East Boston Savings Bank that provides various financial products and services for individuals and businesses primarily in Suffolk, Norfolk, Middlesex and Essex Counties, Massachusetts. The company accepts various deposit products, including non-interest-bearing demand deposits, such as checking accounts; interest-bearing demand accounts comprising NOW and money market accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts.

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