Meridian Co. (NASDAQ:MRBK) to Issue $0.13 Quarterly Dividend

Meridian Co. (NASDAQ:MRBKGet Free Report) declared a quarterly dividend on Thursday, January 25th, Zacks reports. Stockholders of record on Monday, February 12th will be paid a dividend of 0.125 per share on Tuesday, February 20th. This represents a $0.50 annualized dividend and a dividend yield of 5.17%. The ex-dividend date of this dividend is Friday, February 9th.

Meridian has raised its dividend by an average of 58.7% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Meridian has a payout ratio of 29.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Meridian to earn $1.82 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 27.5%.

Meridian Stock Performance

Shares of Meridian stock opened at $9.68 on Thursday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.97. The stock has a market capitalization of $108.22 million, a price-to-earnings ratio of 8.42 and a beta of 0.73. The business has a 50-day moving average of $13.04 and a 200 day moving average of $11.86. Meridian has a 12 month low of $7.80 and a 12 month high of $16.23.

Meridian (NASDAQ:MRBKGet Free Report) last announced its earnings results on Friday, January 26th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.23). The business had revenue of $44.46 million for the quarter, compared to analysts’ expectations of $25.00 million. Meridian had a return on equity of 8.60% and a net margin of 7.86%. As a group, sell-side analysts forecast that Meridian will post 1.42 earnings per share for the current year.

Institutional Investors Weigh In On Meridian

A number of hedge funds and other institutional investors have recently modified their holdings of MRBK. First Manhattan CO. LLC. lifted its stake in shares of Meridian by 68.9% during the first quarter. First Manhattan CO. LLC. now owns 322,018 shares of the company’s stock valued at $4,057,000 after buying an additional 131,341 shares during the period. Petiole USA ltd increased its position in Meridian by 100.0% during the 1st quarter. Petiole USA ltd now owns 256,166 shares of the company’s stock worth $3,228,000 after purchasing an additional 128,083 shares in the last quarter. FMR LLC increased its position in shares of Meridian by 100.0% in the first quarter. FMR LLC now owns 251,168 shares of the company’s stock worth $3,165,000 after acquiring an additional 125,584 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Meridian by 95.6% during the 1st quarter. BlackRock Inc. now owns 247,319 shares of the company’s stock valued at $3,116,000 after acquiring an additional 120,903 shares in the last quarter. Finally, Wick Capital Partners LLC boosted its position in Meridian by 100.0% during the 1st quarter. Wick Capital Partners LLC now owns 144,016 shares of the company’s stock worth $1,815,000 after purchasing an additional 72,008 shares during the period. 45.86% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. TheStreet cut Meridian from a “b-” rating to a “c” rating in a research note on Friday, January 26th. Piper Sandler cut shares of Meridian from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $14.00 to $13.00 in a report on Monday, January 29th.

Read Our Latest Research Report on MRBK

About Meridian

(Get Free Report)

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.

Further Reading

Dividend History for Meridian (NASDAQ:MRBK)

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