Zacks Investment Research upgraded shares of Meridian Bancorp (NASDAQ:EBSB) from a hold rating to a buy rating in a research report report published on Friday. The firm currently has $17.00 price target on the savings and loans company’s stock.
According to Zacks, “Meridian Bancorp Inc. is a bank holding company for East Boston Savings Bank. The Bank provides financial services to individuals and businesses. It accepts various deposit products, including non-interest-bearing demand deposits; interest-bearing demand accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts. The company also offers loan products consisting of commercial real estate loans, one-to four-family residential loans, multi-family real estate loans, construction loans, commercial business loans, home equity lines of credit, automobile loans, loans secured by passbook or certificate accounts, and overdraft loans. Meridian Bancorp Inc., formerly known as Meridian Interstate Bancorp, Inc., is based in Peabody, Massachusetts. “
Separately, BidaskClub upgraded shares of Meridian Bancorp from a strong sell rating to a sell rating in a report on Thursday, October 11th.
Meridian Bancorp (NASDAQ:EBSB) last released its quarterly earnings results on Tuesday, October 23rd. The savings and loans company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. Meridian Bancorp had a net margin of 22.37% and a return on equity of 8.99%. The business had revenue of $45.04 million for the quarter, compared to analysts’ expectations of $45.10 million. As a group, equities research analysts forecast that Meridian Bancorp will post 1.12 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Tuesday, December 18th were given a $0.07 dividend. This is a positive change from Meridian Bancorp’s previous quarterly dividend of $0.05. This represents a $0.28 annualized dividend and a dividend yield of 1.86%. The ex-dividend date was Monday, December 17th. Meridian Bancorp’s dividend payout ratio (DPR) is presently 29.47%.
In related news, Director James G. Sartori sold 2,400 shares of the stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $16.25, for a total value of $39,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 3,700 shares of company stock valued at $59,551 over the last ninety days. 5.30% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Flagship Harbor Advisors LLC purchased a new position in shares of Meridian Bancorp in the 2nd quarter valued at approximately $111,000. Caxton Associates LP purchased a new position in shares of Meridian Bancorp in the 3rd quarter valued at approximately $184,000. HRT Financial LLC purchased a new position in Meridian Bancorp during the 3rd quarter worth approximately $188,000. Capital Fund Management S.A. purchased a new position in Meridian Bancorp during the 3rd quarter worth approximately $197,000. Finally, Alps Advisors Inc. raised its position in Meridian Bancorp by 22.7% during the 3rd quarter. Alps Advisors Inc. now owns 27,819 shares of the savings and loans company’s stock worth $473,000 after buying an additional 5,145 shares during the last quarter. 66.17% of the stock is owned by hedge funds and other institutional investors.
About Meridian Bancorp
Meridian Bancorp, Inc operates as the holding company for East Boston Savings Bank that provides various financial products and services for individuals and businesses primarily in Essex, Middlesex, Norfolk, and Suffolk Counties, Massachusetts. The company accepts various deposit products, including non-interest-bearing demand deposits, such as checking accounts; interest-bearing demand accounts comprising NOW and money market accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts.
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