Meridian Bancorp (NASDAQ:EBSB) Lowered to Strong Sell at BidaskClub

BidaskClub cut shares of Meridian Bancorp (NASDAQ:EBSB) from a sell rating to a strong sell rating in a research note released on Thursday morning, BidAskClub reports.

Several other brokerages also recently commented on EBSB. Zacks Investment Research downgraded shares of Meridian Bancorp from a buy rating to a hold rating in a research report on Friday, July 24th. Raymond James upgraded shares of Meridian Bancorp from an outperform rating to a strong-buy rating and set a $15.00 price objective on the stock in a research report on Wednesday, June 17th. Two analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $14.00.

Meridian Bancorp stock opened at $10.78 on Thursday. The stock has a market cap of $564.98 million, a P/E ratio of 8.29 and a beta of 0.89. Meridian Bancorp has a fifty-two week low of $8.88 and a fifty-two week high of $20.86. The firm’s fifty day moving average price is $11.63 and its 200-day moving average price is $11.60. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.26 and a current ratio of 1.26.

Meridian Bancorp (NASDAQ:EBSB) last released its quarterly earnings results on Tuesday, July 21st. The savings and loans company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. The firm had revenue of $56.03 million for the quarter, compared to analysts’ expectations of $50.18 million. Meridian Bancorp had a net margin of 24.12% and a return on equity of 9.27%. Sell-side analysts predict that Meridian Bancorp will post 1.03 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 17th will be given a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.32 annualized dividend and a yield of 2.97%. Meridian Bancorp’s dividend payout ratio (DPR) is 24.62%.

A number of institutional investors have recently added to or reduced their stakes in the business. Aigen Investment Management LP raised its stake in shares of Meridian Bancorp by 268.6% during the 1st quarter. Aigen Investment Management LP now owns 4,409 shares of the savings and loans company’s stock worth $49,000 after acquiring an additional 3,213 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Meridian Bancorp by 50.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,871 shares of the savings and loans company’s stock valued at $55,000 after purchasing an additional 1,636 shares during the last quarter. Silvercrest Asset Management Group LLC acquired a new position in Meridian Bancorp in the 1st quarter valued at about $112,000. Wedge Capital Management L L P NC acquired a new position in shares of Meridian Bancorp during the 2nd quarter valued at about $124,000. Finally, Jane Street Group LLC acquired a new position in shares of Meridian Bancorp during the 2nd quarter valued at about $128,000. 67.01% of the stock is owned by institutional investors.

Meridian Bancorp Company Profile

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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