Sei Investments Co. bought a new stake in Meridian Bank (NASDAQ:MRBK) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 47,127 shares of the company’s stock, valued at approximately $827,000. Sei Investments Co. owned about 0.74% of Meridian Bank as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brandywine Global Investment Management LLC purchased a new stake in Meridian Bank in the fourth quarter valued at approximately $700,000. Royce & Associates LP purchased a new stake in Meridian Bank in the fourth quarter valued at approximately $999,000. Kennedy Capital Management Inc. purchased a new stake in Meridian Bank in the fourth quarter valued at approximately $1,684,000. Banc Funds Co. LLC acquired a new position in Meridian Bank in the fourth quarter valued at approximately $7,850,000. Finally, Basswood Capital Management L.L.C. acquired a new position in Meridian Bank in the fourth quarter valued at approximately $10,744,000. Hedge funds and other institutional investors own 46.36% of the company’s stock.
MRBK has been the subject of a number of analyst reports. DA Davidson decreased their price target on Meridian Bank from $22.00 to $21.00 and set a “buy” rating for the company in a report on Thursday, May 3rd. Zacks Investment Research downgraded Meridian Bank from a “hold” rating to a “sell” rating in a report on Saturday, May 5th.
Shares of Meridian Bank opened at $18.19 on Friday, MarketBeat.com reports. Meridian Bank has a 12-month low of $16.56 and a 12-month high of $21.37.
Meridian Bank (NASDAQ:MRBK) last announced its quarterly earnings results on Tuesday, May 1st. The company reported $0.20 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.04. The company had revenue of $14.75 million during the quarter, compared to analyst estimates of $16.33 million. equities research analysts anticipate that Meridian Bank will post 1.05 EPS for the current fiscal year.
About Meridian Bank
Meridian Bank (Paoli, PA) provides commercial banking products and services for retail and commercial customers primarily in southeastern Pennsylvania, Delaware, and south New Jersey. It offers non-interest bearing deposits and time deposits, as well as interest checking, money market, and savings accounts; and commercial and industrial loans, commercial real estate loans, and consumer and home equity loans, as well as homeowner mortgages.
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