Meridian Bancorp (EBSB) Upgraded to Sell at BidaskClub

Meridian Bancorp (NASDAQ:EBSB) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Thursday.

Several other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of Meridian Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 3rd. ValuEngine cut shares of Meridian Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, August 3rd.

Meridian Bancorp stock opened at $16.12 on Thursday. Meridian Bancorp has a fifty-two week low of $15.61 and a fifty-two week high of $21.85. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market capitalization of $916.80 million, a P/E ratio of 16.99 and a beta of 0.11.

Meridian Bancorp (NASDAQ:EBSB) last posted its earnings results on Thursday, July 26th. The savings and loans company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.26 by $0.01. Meridian Bancorp had a net margin of 21.43% and a return on equity of 8.50%. The firm had revenue of $43.91 million during the quarter, compared to the consensus estimate of $43.80 million. On average, sell-side analysts expect that Meridian Bancorp will post 1.06 EPS for the current year.

A number of hedge funds have recently modified their holdings of EBSB. Wells Fargo & Company MN boosted its position in Meridian Bancorp by 16.2% in the 1st quarter. Wells Fargo & Company MN now owns 261,251 shares of the savings and loans company’s stock valued at $5,264,000 after buying an additional 36,429 shares during the period. SG Americas Securities LLC purchased a new position in Meridian Bancorp in the 1st quarter valued at approximately $144,000. Schwab Charles Investment Management Inc. boosted its position in Meridian Bancorp by 3.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 267,524 shares of the savings and loans company’s stock valued at $5,391,000 after buying an additional 8,423 shares during the period. BlackRock Inc. boosted its position in Meridian Bancorp by 8.7% in the 1st quarter. BlackRock Inc. now owns 3,379,452 shares of the savings and loans company’s stock valued at $68,095,000 after buying an additional 270,390 shares during the period. Finally, California Public Employees Retirement System boosted its position in Meridian Bancorp by 10.5% in the 1st quarter. California Public Employees Retirement System now owns 34,002 shares of the savings and loans company’s stock valued at $685,000 after buying an additional 3,221 shares during the period. 67.09% of the stock is owned by institutional investors.

Meridian Bancorp Company Profile

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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