Meridian Bancorp (EBSB) Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Meridian Bancorp (NASDAQ:EBSB) from a buy rating to a hold rating in a research report released on Thursday.

According to Zacks, “Meridian Bancorp Inc. is a bank holding company for East Boston Savings Bank. The Bank provides financial services to individuals and businesses. It accepts various deposit products, including non-interest-bearing demand deposits; interest-bearing demand accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts. The company also offers loan products consisting of commercial real estate loans, one-to four-family residential loans, multi-family real estate loans, construction loans, commercial business loans, home equity lines of credit, automobile loans, loans secured by passbook or certificate accounts, and overdraft loans. Meridian Bancorp Inc., formerly known as Meridian Interstate Bancorp, Inc., is based in Peabody, Massachusetts. “

EBSB has been the subject of several other research reports. BidaskClub upgraded shares of Meridian Bancorp from a sell rating to a hold rating in a research report on Saturday, August 11th. ValuEngine cut shares of Meridian Bancorp from a hold rating to a sell rating in a research report on Friday, August 3rd.

EBSB stock traded up $0.21 during trading on Thursday, hitting $16.32. The company had a trading volume of 272,928 shares, compared to its average volume of 200,471. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.24 and a quick ratio of 1.24. Meridian Bancorp has a 12 month low of $15.25 and a 12 month high of $21.85. The stock has a market capitalization of $869.34 million, a PE ratio of 17.18 and a beta of 0.11.

Meridian Bancorp (NASDAQ:EBSB) last posted its quarterly earnings data on Tuesday, October 23rd. The savings and loans company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. Meridian Bancorp had a net margin of 22.37% and a return on equity of 9.07%. The firm had revenue of $45.04 million during the quarter, compared to analysts’ expectations of $45.10 million. As a group, equities analysts expect that Meridian Bancorp will post 1.12 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of EBSB. BlackRock Inc. raised its position in shares of Meridian Bancorp by 8.7% during 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 acquiring an additional 270,390 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Meridian Bancorp by 10.5% during 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 acquiring an additional 3,221 shares during the last quarter. Stifel Financial Corp bought a new stake in shares of Meridian Bancorp during the 1st quarter valued at $258,000. UBS Group AG raised its position in shares of Meridian Bancorp by 170.9% during the 1st quarter. UBS Group AG now owns 41,935 shares of the savings and loans company’s stock valued at $845,000 after acquiring an additional 26,457 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its position in shares of Meridian Bancorp by 34.8% during the 1st quarter. Xact Kapitalforvaltning AB now owns 13,167 shares of the savings and loans company’s stock valued at $265,000 after acquiring an additional 3,400 shares during the last quarter. Hedge funds and other institutional investors own 67.09% of the company’s stock.

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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