Zacks Investment Research Upgrades Meridian Bank (NASDAQ:MRBK) to Hold

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Meridian Bank (NASDAQ:MRBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “Meridian Bank of Malvern offers deposit accounts, credit products, real estate financing, residential mortgages, investment and wealth management and electronic payments processing services. Meridian Bank of Malvern is based in United States. “

Separately, ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd.

Shares of NASDAQ:MRBK traded up $0.14 during mid-day trading on Wednesday, hitting $17.10. 121 shares of the company traded hands, compared to its average volume of 3,212. The firm has a market capitalization of $108.66 million, a price-to-earnings ratio of 12.95, a P/E/G ratio of 1.51 and a beta of -0.07. Meridian Bank has a 52-week low of $15.26 and a 52-week high of $18.88. The stock’s 50 day moving average price is $16.92.

Meridian Bank (NASDAQ:MRBK) last announced its earnings results on Thursday, May 23rd. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.22 by $0.09. The company had revenue of $14.92 million for the quarter, compared to analysts’ expectations of $15.08 million. On average, equities research analysts predict that Meridian Bank will post 1.4 earnings per share for the current year.

An institutional investor recently raised its position in Meridian Bank stock. Punch & Associates Investment Management Inc. raised its holdings in shares of Meridian Bank (NASDAQ:MRBK) by 18.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,500 shares of the company’s stock after acquiring an additional 3,400 shares during the period. Punch & Associates Investment Management Inc. owned approximately 0.34% of Meridian Bank worth $388,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 45.96% of the company’s stock.

Meridian Bank Company Profile

Meridian Corporation operates as the bank holding for Meridian Bank that 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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