Banc Funds Co. LLC Has $10.48 Million Stock Position in Meridian Co. (NASDAQ:MRBK)

Banc Funds Co. LLC raised its holdings in shares of Meridian Co. (NASDAQ:MRBK) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 829,153 shares of the company’s stock after buying an additional 37,450 shares during the quarter. Banc Funds Co. LLC owned about 7.38% of Meridian worth $10,480,000 as of its most recent SEC filing.

Separately, Connor Clark & Lunn Investment Management Ltd. bought a new position in Meridian during the third quarter worth $128,000. Hedge funds and other institutional investors own 58.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. DA Davidson increased their price target on shares of Meridian from $15.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Piper Sandler increased their target price on shares of Meridian from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Tuesday, October 29th.

Meridian Price Performance

Shares of NASDAQ:MRBK opened at $16.90 on Monday. The business’s 50 day moving average is $13.74 and its 200-day moving average is $11.88. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $189.96 million, a PE ratio of 16.73 and a beta of 0.74. Meridian Co. has a 1-year low of $8.26 and a 1-year high of $16.95.

Meridian (NASDAQ:MRBK) last posted its quarterly earnings results 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. Meridian had a net margin of 6.00% and a return on equity of 6.99%. The firm had revenue of $51.15 million for the quarter, compared to the consensus estimate of $26.57 million. Sell-side analysts predict that Meridian Co. will post 1.29 earnings per share for the current year.

Meridian Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Tuesday, November 12th were paid a $0.125 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.50 dividend on an annualized basis and a yield of 2.96%. Meridian’s payout ratio is currently 49.51%.

Meridian 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.