Monarch Partners Asset Management LLC reduced its position in Meridian Bancorp Inc (NASDAQ:EBSB) by 21.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 720,495 shares of the savings and loans company’s stock after selling 193,086 shares during the period. Meridian Bancorp comprises about 2.0% of Monarch Partners Asset Management LLC’s holdings, making the stock its 3rd largest position. Monarch Partners Asset Management LLC owned approximately 1.35% of Meridian Bancorp worth $13,509,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. Meeder Asset Management Inc. bought a new stake in shares of Meridian Bancorp during the 3rd quarter worth about $30,000. SG Americas Securities LLC bought a new stake in shares of Meridian Bancorp during the 3rd quarter worth about $100,000. Aperio Group LLC bought a new stake in shares of Meridian Bancorp during the 2nd quarter worth about $178,000. Beese Fulmer Investment Management Inc. bought a new stake in shares of Meridian Bancorp during the 3rd quarter worth about $190,000. Finally, Wedge Capital Management L L P NC bought a new stake in shares of Meridian Bancorp during the 2nd quarter worth about $213,000. 65.40% of the stock is currently owned by institutional investors.
Several research firms have recently issued reports on EBSB. ValuEngine downgraded Meridian Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Zacks Investment Research downgraded Meridian Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, September 4th. Finally, BidaskClub upgraded Meridian Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Meridian Bancorp currently has a consensus rating of “Hold” and a consensus price target of $18.67.
NASDAQ:EBSB traded down $0.01 during mid-day trading on Friday, hitting $19.85. 104,300 shares of the company’s stock traded hands, compared to its average volume of 134,796. The firm has a 50 day moving average of $18.88 and a two-hundred day moving average of $18.02. Meridian Bancorp Inc has a 12 month low of $13.67 and a 12 month high of $20.08. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of 18.73 and a beta of 0.55. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.86.
Meridian Bancorp 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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