Piper Sandler Increases Meridian (NASDAQ:MRBK) Price Target to $15.00

Meridian (NASDAQ:MRBK) had its price target upped by Piper Sandler from $14.00 to $15.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Meridian Stock Down 1.4 %

NASDAQ:MRBK opened at $13.84 on Tuesday. Meridian has a 1-year low of $8.26 and a 1-year high of $14.24. The company has a 50-day moving average of $12.48 and a 200 day moving average of $11.02. The firm has a market cap of $154.88 million, a PE ratio of 13.70 and a beta of 0.75. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.97 and a quick ratio of 0.95.

Meridian (NASDAQ:MRBK) last released its quarterly earnings data on Thursday, October 24th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.07. The company had revenue of $51.15 million during the quarter, compared to analyst estimates of $26.57 million. Meridian had a net margin of 6.00% and a return on equity of 7.07%. As a group, research analysts anticipate that Meridian will post 1.29 EPS for the current fiscal year.

Meridian Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 19th. Shareholders of record on Tuesday, November 12th will be issued a $0.125 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $0.50 dividend on an annualized basis and a yield of 3.61%. Meridian’s dividend payout ratio is presently 49.50%.

Hedge Funds Weigh In On Meridian

A hedge fund recently raised its stake in Meridian stock. Dimensional Fund Advisors LP grew its stake in shares of Meridian Co. (NASDAQ:MRBK) by 6.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 171,249 shares of the company’s stock after acquiring an additional 10,514 shares during the quarter. Dimensional Fund Advisors LP owned about 1.53% of Meridian worth $1,801,000 as of its most recent SEC filing. 58.56% of the stock is owned by institutional investors and hedge funds.

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.