Meridian Bancorp (EBSB) Upgraded by BidaskClub to “Buy”

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BidaskClub upgraded shares of Meridian Bancorp (NASDAQ:EBSB) from a hold rating to a buy rating in a report published on Friday morning.

Separately, Zacks Investment Research downgraded Meridian Bancorp from a hold rating to a strong sell rating in a research report on Wednesday, May 16th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $21.50.

Shares of Meridian Bancorp stock opened at $20.15 on Friday. The firm has a market cap of $1.08 billion, a PE ratio of 21.21 and a beta of 0.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.25 and a current ratio of 1.25. Meridian Bancorp has a 12 month low of $15.85 and a 12 month high of $21.85.

Meridian Bancorp (NASDAQ:EBSB) last announced its quarterly earnings results on Tuesday, April 24th. The savings and loans company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.02). Meridian Bancorp had a net margin of 21.09% and a return on equity of 8.20%. The firm had revenue of $42.18 million for the quarter. sell-side analysts predict that Meridian Bancorp will post 1.05 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 3rd. Investors of record on Tuesday, June 19th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date is Monday, June 18th. Meridian Bancorp’s payout ratio is currently 21.05%.

In related news, EVP Frank Romano acquired 14,365 shares of the company’s stock in a transaction that occurred on Friday, April 27th. The shares were bought at an average price of $18.85 per share, with a total value of $270,780.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James G. Sartori sold 19,852 shares of the firm’s stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $19.48, for a total value of $386,716.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,475 shares of company stock worth $417,494. 5.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of EBSB. SG Americas Securities LLC bought a new stake in Meridian Bancorp during the first quarter valued at about $144,000. Xact Kapitalforvaltning AB acquired a new stake in Meridian Bancorp in the fourth quarter worth about $201,000. Commerce Bank acquired a new stake in Meridian Bancorp in the fourth quarter worth about $230,000. Stone Ridge Asset Management LLC acquired a new stake in Meridian Bancorp in the fourth quarter worth about $247,000. Finally, Stifel Financial Corp acquired a new stake in Meridian Bancorp in the first quarter worth about $258,000. 69.18% of the stock is currently owned by institutional investors.

About Meridian Bancorp

Meridian Bancorp, Inc operates as the holding company for East Boston Savings Bank that provides various financial products and services for individuals and businesses primarily in Essex, Middlesex, Norfolk, and Suffolk Counties, Massachusetts. The company accepts various deposit products, including non-interest-bearing demand deposits, such as checking accounts; interest-bearing demand accounts comprising NOW and money market accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts.

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