Meridian Bank (NASDAQ:MRBK) saw a significant growth in short interest in May. As of May 31st, there was short interest totalling 3,400 shares, a growth of 750.0% from the April 30th total of 400 shares. Based on an average daily trading volume, of 5,400 shares, the short-interest ratio is presently 0.6 days. Approximately 0.1% of the shares of the stock are sold short.
An institutional investor recently raised its position in Meridian Bank stock. Banc Funds Co. LLC increased its holdings in Meridian Bank (NASDAQ:MRBK) by 5.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 477,688 shares of the company’s stock after purchasing an additional 26,172 shares during the period. Banc Funds Co. LLC owned 7.46% of Meridian Bank worth $8,617,000 as of its most recent SEC filing. Institutional investors and hedge funds own 45.96% of the company’s stock.
Meridian Bank stock traded down $0.01 during mid-day trading on Monday, hitting $16.75. 14 shares of the company were exchanged, compared to its average volume of 2,867. The company has a market capitalization of $107.40 million, a price-to-earnings ratio of 12.69, a PEG ratio of 1.50 and a beta of -0.07. Meridian Bank has a 12-month low of $15.26 and a 12-month high of $18.88.
Separately, Zacks Investment Research downgraded Meridian Bank from a “hold” rating to a “sell” rating in a research report on Friday, May 31st.
Meridian Bank Company Profile
Meridian Corporation operates as the bank holding for Meridian Bank that provides commercial banking products and services for retail and commercial customers primarily in southeastern Pennsylvania, Delaware, and south New Jersey. It offers non-interest bearing deposits and time deposits, as well as interest checking, money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as homeowner mortgages.
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