Meridian (NASDAQ:MRBK) Price Target Lowered to $16.00 at Piper Sandler

Meridian (NASDAQ:MRBK) had its price objective reduced by equities research analysts at Piper Sandler from $17.00 to $16.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 18.52% from the stock’s previous close.

Separately, DA Davidson reduced their price target on shares of Meridian from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Tuesday.

Meridian Price Performance

MRBK stock opened at $13.50 on Tuesday. Meridian has a 1 year low of $8.69 and a 1 year high of $17.33. The firm has a market capitalization of $152.35 million, a P/E ratio of 9.31 and a beta of 0.68. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.97 and a quick ratio of 0.95. The business’s 50-day moving average is $13.98 and its two-hundred day moving average is $14.66.

Meridian (NASDAQ:MRBK) last released its quarterly earnings data on Friday, April 25th. The company reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.12). The business had revenue of $27.10 million during the quarter, compared to analysts’ expectations of $27.93 million. Meridian had a net margin of 8.28% and a return on equity of 10.01%. Analysts anticipate that Meridian will post 2.07 earnings per share for the current fiscal year.

Institutional Trading of Meridian

Several hedge funds have recently made changes to their positions in MRBK. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Meridian by 3.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 61,367 shares of the company’s stock valued at $841,000 after purchasing an additional 1,800 shares during the period. Millennium Management LLC increased its holdings in Meridian by 410.2% during the 4th quarter. Millennium Management LLC now owns 52,244 shares of the company’s stock valued at $716,000 after acquiring an additional 42,004 shares in the last quarter. First Manhattan CO. LLC. increased its holdings in Meridian by 1.2% during the 4th quarter. First Manhattan CO. LLC. now owns 432,071 shares of the company’s stock valued at $5,924,000 after acquiring an additional 5,000 shares in the last quarter. Citadel Advisors LLC increased its holdings in Meridian by 29.0% during the 4th quarter. Citadel Advisors LLC now owns 18,347 shares of the company’s stock valued at $252,000 after acquiring an additional 4,129 shares in the last quarter. Finally, Ancora Advisors LLC purchased a new position in Meridian during the 4th quarter valued at about $395,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

Meridian Company 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.