DA Davidson Raises Meridian Bank (NASDAQ:MRBK) Price Target to $22.00

Meridian Bank (NASDAQ:MRBK) had its price objective increased by research analysts at DA Davidson from $21.00 to $22.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price objective suggests a potential upside of 7.90% from the stock’s previous close.

MRBK has been the topic of several other reports. Weiss Ratings restated a “buy (b-)” rating on shares of Meridian Bank in a research note on Monday, December 29th. Piper Sandler reissued an “overweight” rating and set a $22.00 price target (up previously from $20.00) on shares of Meridian Bank in a research report on Tuesday. Three analysts have rated the stock with a Buy rating, According to MarketBeat, Meridian Bank presently has an average rating of “Buy” and an average price target of $22.00.

Meridian Bank Stock Performance

Shares of MRBK opened at $20.39 on Wednesday. The stock has a market capitalization of $234.89 million, a price-to-earnings ratio of 10.79 and a beta of 0.80. Meridian Bank has a 12 month low of $11.16 and a 12 month high of $21.02. The firm has a fifty day simple moving average of $17.76 and a 200 day simple moving average of $16.00. The company has a current ratio of 0.98, a quick ratio of 0.96 and a debt-to-equity ratio of 0.26.

Meridian Bank (NASDAQ:MRBK) last issued its quarterly earnings results on Thursday, January 29th. The company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.55 by $0.06. Meridian Bank had a net margin of 10.63% and a return on equity of 12.14%. The firm had revenue of $34.24 million for the quarter, compared to analysts’ expectations of $32.41 million. Research analysts forecast that Meridian Bank will post 2.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Meridian Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. CWM LLC acquired a new position in shares of Meridian Bank in the third quarter valued at about $34,000. Bessemer Group Inc. acquired a new position in shares of Meridian Bank during the 2nd quarter worth approximately $27,000. BNP Paribas Financial Markets increased its holdings in shares of Meridian Bank by 125.9% during the third quarter. BNP Paribas Financial Markets now owns 4,183 shares of the company’s stock worth $66,000 after purchasing an additional 2,331 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Meridian Bank by 4.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 86,203 shares of the company’s stock valued at $1,111,000 after buying an additional 3,475 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Meridian Bank by 166.6% in the second quarter. Bank of America Corp DE now owns 6,103 shares of the company’s stock valued at $79,000 after buying an additional 3,814 shares in the last quarter. Institutional investors and hedge funds own 58.56% of the company’s stock.

About Meridian Bank

Meridian Bank, a Pennsylvania-chartered institution founded in 1993 and headquartered in Philadelphia, operates as a full-service community bank serving the Greater Philadelphia region. As a wholly owned subsidiary of Meridian Bancorp, Inc (NASDAQ: MRBK), the bank maintains a network of branch locations complemented by online and mobile platforms to meet the evolving needs of individual and business customers.

On the consumer side, Meridian Bank offers a comprehensive suite of deposit products, including checking accounts, savings accounts and certificates of deposit, alongside personal lending solutions such as home equity lines of credit, residential mortgage loans and unsecured consumer loans.