Analysts Set $22.00 Target Price for Meridian Bank (NASDAQ:MRBK)

Shares of Meridian Bank (NASDAQ:MRBK) have earned an average broker rating score of 1.50 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a buy rating and one has assigned a strong buy rating to the company.

Brokerages have set a 12 month consensus price target of $22.00 for the company and are expecting that the company will post $0.39 EPS for the current quarter, according to Zacks. Zacks has also assigned Meridian Bank an industry rank of 160 out of 255 based on the ratings given to related companies.

A number of research analysts recently issued reports on MRBK shares. Zacks Investment Research cut shares of Meridian Bank from a “buy” rating to a “hold” rating in a research report on Wednesday, January 1st. ValuEngine raised shares of Meridian Bank from a “strong sell” rating to a “sell” rating in a research report on Saturday, January 4th.

A number of hedge funds and other institutional investors have recently modified their holdings of MRBK. BlackRock Inc. lifted its position in Meridian Bank by 12.7% during the 2nd quarter. BlackRock Inc. now owns 7,149 shares of the company’s stock valued at $121,000 after acquiring an additional 808 shares during the period. Vanguard Group Inc. lifted its position in Meridian Bank by 7.0% during the 2nd quarter. Vanguard Group Inc. now owns 140,136 shares of the company’s stock valued at $2,368,000 after acquiring an additional 9,200 shares during the period. Finally, Maltese Capital Management LLC lifted its position in Meridian Bank by 9.4% during the 2nd quarter. Maltese Capital Management LLC now owns 245,976 shares of the company’s stock valued at $4,157,000 after acquiring an additional 21,211 shares during the period. 46.57% of the stock is owned by institutional investors.

NASDAQ MRBK traded up $0.35 during trading on Thursday, hitting $20.39. The company had a trading volume of 35,600 shares, compared to its average volume of 14,050. Meridian Bank has a one year low of $16.50 and a one year high of $20.77. The company has a market cap of $128.20 million, a price-to-earnings ratio of 15.45 and a beta of -0.01. The company’s fifty day moving average is $19.57 and its 200-day moving average is $18.13.

Meridian Bank (NASDAQ:MRBK) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.11. The business had revenue of $19.09 million during the quarter. As a group, equities research analysts expect that Meridian Bank will post 1.55 EPS for the current fiscal year.

About Meridian Bank

Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for retail and commercial customers primarily in southeastern Pennsylvania, Delaware, and south New Jersey. It offers non-interest bearing deposits and time deposits, as well as interest checking, money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as homeowner mortgages.

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