Meridian Co. to Issue Quarterly Dividend of $0.13 (NASDAQ:MRBK)

Meridian Co. (NASDAQ:MRBK) declared a quarterly dividend on Thursday, October 24th, Zacks reports. Stockholders of record on Tuesday, November 12th will be paid a dividend of 0.125 per share on Tuesday, November 19th. This represents a $0.50 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Tuesday, November 12th.

Meridian has increased its dividend by an average of 58.7% annually over the last three years. Meridian has a payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Meridian to earn $1.79 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 27.9%.

Meridian Stock Performance

Shares of Meridian stock traded up $0.21 on Friday, hitting $13.19. 30,400 shares of the company’s stock were exchanged, compared to its average volume of 13,392. The company has a 50-day simple moving average of $12.19 and a 200-day simple moving average of $10.85. The stock has a market capitalization of $147.60 million, a PE ratio of 14.03 and a beta of 0.75. Meridian has a 1 year low of $8.26 and a 1 year high of $14.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.95 and a current ratio of 0.97.

Meridian (NASDAQ:MRBK) last issued its quarterly earnings results on Thursday, October 24th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.07. The business had revenue of $51.15 million for the quarter, compared to analysts’ expectations of $26.57 million. Meridian had a net margin of 5.85% and a return on equity of 6.66%. As a group, equities analysts anticipate that Meridian will post 1.25 EPS for the current year.

Analysts Set New Price Targets

Separately, Piper Sandler lifted their target price on shares of Meridian from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th.

About Meridian

Meridian Corporation operates as the holding company for Meridian Bank that provides commercial banking products and services in Pennsylvania, New Jersey, Delaware, Florida, and Maryland. The company offers various deposit products, such as demand non-interest bearing, demand interest bearing, savings accounts, money market accounts, and time deposits.