Geode Capital Management LLC Has $1.18 Million Position in Meridian Co. (NASDAQ:MRBK)

Geode Capital Management LLC raised its holdings in shares of Meridian Co. (NASDAQ:MRBK) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,534 shares of the company’s stock after purchasing an additional 2,838 shares during the quarter. Geode Capital Management LLC owned approximately 0.83% of Meridian worth $1,183,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MRBK. Banc Funds Co. LLC lifted its stake in shares of Meridian by 4.7% during the 3rd quarter. Banc Funds Co. LLC now owns 829,153 shares of the company’s stock worth $10,480,000 after buying an additional 37,450 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Meridian by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 171,249 shares of the company’s stock valued at $1,801,000 after acquiring an additional 10,514 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Meridian during the third quarter worth approximately $128,000. Finally, Barclays PLC boosted its holdings in shares of Meridian by 10.0% during the third quarter. Barclays PLC now owns 40,406 shares of the company’s stock worth $511,000 after acquiring an additional 3,675 shares during the period. 58.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MRBK has been the topic of a number of recent research reports. DA Davidson increased their target price on Meridian from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Piper Sandler lifted their target price on Meridian from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Tuesday, October 29th.

Meridian Stock Up 0.5 %

Shares of MRBK opened at $14.02 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. Meridian Co. has a 12 month low of $8.26 and a 12 month high of $17.33. The firm’s 50 day moving average is $14.85 and its 200-day moving average is $12.83. The stock has a market capitalization of $157.58 million, a PE ratio of 13.88 and a beta of 0.81.

Meridian (NASDAQ:MRBK) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.42 EPS for the quarter, topping 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 return on equity of 6.99% and a net margin of 6.00%. Equities research analysts forecast that Meridian Co. will post 1.29 EPS for the current year.

Meridian Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Tuesday, November 12th were paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date was Tuesday, November 12th. Meridian’s dividend payout ratio (DPR) is presently 49.50%.

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.