Meridian (NASDAQ:MRBK) PT Raised to $13.00 at Piper Sandler

Meridian (NASDAQ:MRBK) had its price objective hoisted by Piper Sandler from $11.00 to $13.00 in a research report released on Tuesday, Benzinga reports. Piper Sandler currently has a neutral rating on the stock.

Meridian Price Performance

MRBK opened at $11.59 on Tuesday. The company has a market capitalization of $129.65 million, a price-to-earnings ratio of 11.04 and a beta of 0.74. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 0.31. The firm has a 50-day moving average price of $10.75 and a 200-day moving average price of $10.24. Meridian has a twelve month low of $8.26 and a twelve month high of $14.24.

Meridian Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 12th will be paid a $0.125 dividend. The ex-dividend date is Monday, August 12th. This represents a $0.50 annualized dividend and a dividend yield of 4.31%. Meridian’s payout ratio is 47.62%.

Hedge Funds Weigh In On Meridian

Several large investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its stake in Meridian by 4.6% during the first quarter. Acadian Asset Management LLC now owns 54,409 shares of the company’s stock valued at $538,000 after acquiring an additional 2,396 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Meridian by 3.5% in the 4th quarter. LSV Asset Management now owns 92,822 shares of the company’s stock worth $1,290,000 after acquiring an additional 3,114 shares during the last quarter. Borer Denton & Associates Inc. bought a new stake in shares of Meridian in the 4th quarter worth approximately $476,000. Strid Group LLC bought a new stake in shares of Meridian in the 1st quarter worth approximately $431,000. Finally, Mendon Capital Advisors Corp bought a new stake in shares of Meridian in the 4th quarter worth approximately $670,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Meridian Company Profile

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.