Insider Buying: Meridian Co. (NASDAQ:MRBK) Director Purchases 1,000 Shares of Stock

Meridian Co. (NASDAQ:MRBK) Director Anthony Mark Imbesi acquired 1,000 shares of the stock in a transaction dated Monday, August 19th. The stock was bought at an average price of $10.74 per share, for a total transaction of $10,740.00. Following the completion of the purchase, the director now owns 384,634 shares in the company, valued at approximately $4,130,969.16. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Meridian Trading Up 1.6 %

MRBK stock opened at $10.75 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.97 and a quick ratio of 0.96. The stock has a market capitalization of $120.25 million, a price-to-earnings ratio of 10.24 and a beta of 0.74. The business has a fifty day moving average price of $10.85 and a 200 day moving average price of $10.04. Meridian Co. has a fifty-two week low of $8.26 and a fifty-two week high of $14.24.

Meridian (NASDAQ:MRBK) last announced its earnings results on Friday, July 26th. The company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.02). The business had revenue of $26.09 million during the quarter, compared to analyst estimates of $25.57 million. Meridian had a net margin of 5.85% and a return on equity of 6.71%. Analysts expect that Meridian Co. will post 1.25 EPS for the current fiscal year.

Meridian Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 12th were paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date was Monday, August 12th. Meridian’s dividend payout ratio is presently 47.62%.

Analyst Ratings Changes

Separately, Piper Sandler upped their price objective on shares of Meridian from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th.

Institutional Trading of Meridian

Hedge funds have recently modified their holdings of the stock. Banc Funds Co. LLC raised its position in Meridian by 7.4% in the 4th quarter. Banc Funds Co. LLC now owns 782,678 shares of the company’s stock worth $10,879,000 after purchasing an additional 53,990 shares during the last quarter. Mendon Capital Advisors Corp acquired a new stake in shares of Meridian in the 4th quarter valued at $670,000. Strid Group LLC bought a new stake in shares of Meridian during the first quarter worth $431,000. Borer Denton & Associates Inc. acquired a new position in shares of Meridian during the fourth quarter valued at $476,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Meridian by 6.5% during the second 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. 58.56% of the stock is owned by institutional investors.

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.