DA Davidson Lowers Meridian (NASDAQ:MRBK) Price Target to $18.00

Meridian (NASDAQ:MRBK) had its price target reduced by research analysts at DA Davidson from $19.00 to $18.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s price target points to a potential upside of 33.33% from the stock’s previous close.

Meridian Stock Down 0.2 %

Meridian stock opened at $13.50 on Tuesday. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. Meridian has a 1-year low of $8.69 and a 1-year high of $17.33. The company has a fifty day simple moving average of $13.98 and a 200 day simple moving average of $14.66. The company has a market cap of $152.35 million, a P/E ratio of 9.31 and a beta of 0.68.

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

Institutional Trading of Meridian

Large investors have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new stake in shares of Meridian in the 4th quarter valued at about $139,000. Schonfeld Strategic Advisors LLC bought a new stake in Meridian in the fourth quarter valued at approximately $186,000. Citadel Advisors LLC lifted its position in shares of Meridian by 29.0% in the fourth quarter. Citadel Advisors LLC now owns 18,347 shares of the company’s stock valued at $252,000 after buying an additional 4,129 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Meridian by 16.5% during the 4th quarter. Northern Trust Corp now owns 18,452 shares of the company’s stock worth $253,000 after acquiring an additional 2,609 shares during the period. Finally, 683 Capital Management LLC acquired a new position in shares of Meridian during the 4th quarter worth approximately $315,000. 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.