DA Davidson Raises Meridian (NASDAQ:MRBK) Price Target to $17.00

Meridian (NASDAQ:MRBK) had its target price lifted by analysts at DA Davidson from $15.00 to $17.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s target price indicates a potential upside of 20.57% from the company’s previous close. DA Davidson also issued estimates for Meridian’s Q4 2024 earnings at $0.34 EPS and FY2025 earnings at $1.90 EPS.

Separately, Piper Sandler boosted their price objective on shares of Meridian from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday.

Meridian Stock Performance

Shares of MRBK stock opened at $14.10 on Tuesday. The business’s fifty day simple moving average is $12.38 and its 200-day simple moving average is $10.97. The company has a market cap of $157.78 million, a PE ratio of 13.96 and a beta of 0.75. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.31. Meridian has a 12-month low of $8.26 and a 12-month high of $14.24.

Meridian (NASDAQ:MRBK) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.07. The firm had revenue of $51.15 million for 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%. Analysts expect that Meridian will post 1.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Meridian

A hedge fund recently raised its stake in Meridian stock. Acadian Asset Management LLC raised its holdings in Meridian Co. (NASDAQ:MRBK) by 4.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 54,409 shares of the company’s stock after purchasing an additional 2,396 shares during the quarter. Acadian Asset Management LLC owned 0.49% of Meridian worth $538,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 58.56% of the company’s stock.

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.