Meridian Bancorp (NASDAQ:EBSB) Sees Large Volume Increase

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Meridian Bancorp, Inc. (NASDAQ:EBSB) saw strong trading volume on Tuesday . 21,910 shares changed hands during mid-day trading, a decline of 91% from the previous session’s volume of 236,760 shares.The stock last traded at $22.55 and had previously closed at $22.41.

A number of research analysts have weighed in on the company. Zacks Investment Research lowered Meridian Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, April 6th. Raymond James reiterated a “market perform” rating on shares of Meridian Bancorp in a research report on Monday.

The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 1.04. The business’s fifty day moving average is $19.30 and its 200-day moving average is $16.08. The stock has a market capitalization of $1.19 billion, a PE ratio of 18.01 and a beta of 0.92.

Meridian Bancorp (NASDAQ:EBSB) last announced its quarterly earnings results on Wednesday, April 21st. The savings and loans company reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. Meridian Bancorp had a net margin of 23.56% and a return on equity of 8.74%. As a group, sell-side analysts anticipate that Meridian Bancorp, Inc. will post 1.28 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, April 1st. Stockholders of record on Thursday, March 18th were issued a dividend of $0.10 per share. The ex-dividend date was Wednesday, March 17th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.77%. This is a boost from Meridian Bancorp’s previous quarterly dividend of $0.08. Meridian Bancorp’s payout ratio is presently 30.77%.

Hedge funds have recently made changes to their positions in the business. Denali Advisors LLC increased its holdings in Meridian Bancorp by 507.4% in the 1st quarter. Denali Advisors LLC now owns 8,260 shares of the savings and loans company’s stock valued at $152,000 after purchasing an additional 6,900 shares in the last quarter. Citigroup Inc. grew its position in Meridian Bancorp by 249.5% in the fourth quarter. Citigroup Inc. now owns 9,584 shares of the savings and loans company’s stock valued at $143,000 after acquiring an additional 6,842 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Meridian Bancorp during the third quarter valued at approximately $103,000. ProShare Advisors LLC purchased a new position in shares of Meridian Bancorp in the fourth quarter valued at $155,000. Finally, Beese Fulmer Investment Management Inc. increased its stake in Meridian Bancorp by 16.7% during the 4th quarter. Beese Fulmer Investment Management Inc. now owns 11,850 shares of the savings and loans company’s stock worth $177,000 after buying an additional 1,700 shares during the period. 65.41% of the stock is currently owned by hedge funds and other institutional investors.

Meridian Bancorp Company Profile (NASDAQ:EBSB)

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, including NOW and money market accounts; savings accounts; and certificates of deposit, as well as commercial checking accounts.

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