Castine Capital Management LLC purchased a new position in Meridian Bancorp Inc (NASDAQ:EBSB) during the 1st quarter, HoldingsChannel reports. The firm purchased 331,000 shares of the savings and loans company’s stock, valued at approximately $5,193,000.
Other institutional investors also recently bought and sold shares of the company. Legal & General Group Plc boosted its stake in Meridian Bancorp by 10.3% during the 4th quarter. Legal & General Group Plc now owns 8,597 shares of the savings and loans company’s stock valued at $123,000 after purchasing an additional 806 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Meridian Bancorp during the 1st quarter valued at $156,000. BNP Paribas Arbitrage SA boosted its stake in Meridian Bancorp by 508.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 10,008 shares of the savings and loans company’s stock valued at $157,000 after purchasing an additional 8,362 shares during the last quarter. Prudential Financial Inc. boosted its stake in Meridian Bancorp by 9.0% during the 4th quarter. Prudential Financial Inc. now owns 11,440 shares of the savings and loans company’s stock valued at $164,000 after purchasing an additional 945 shares during the last quarter. Finally, Kessler Investment Group LLC boosted its stake in Meridian Bancorp by 14.4% during the 1st quarter. Kessler Investment Group LLC now owns 10,963 shares of the savings and loans company’s stock valued at $172,000 after purchasing an additional 1,382 shares during the last quarter. Institutional investors own 65.37% of the company’s stock.
EBSB has been the topic of several recent analyst reports. BidaskClub downgraded Meridian Bancorp from a “sell” rating to a “strong sell” rating in a research note on Friday, March 22nd. Zacks Investment Research upgraded Meridian Bancorp from a “hold” rating to a “strong-buy” rating and set a $19.00 target price on the stock in a research note on Friday, April 26th. Finally, ValuEngine upgraded Meridian Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, May 13th.
Shares of EBSB stock traded up $0.10 on Friday, reaching $17.82. The stock had a trading volume of 74,772 shares, compared to its average volume of 108,748. The company has a market cap of $954.12 million, a P/E ratio of 15.77 and a beta of 0.50. Meridian Bancorp Inc has a 1 year low of $13.67 and a 1 year high of $20.30. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.20 and a quick ratio of 1.20.
Meridian Bancorp (NASDAQ:EBSB) last released its quarterly earnings results on Tuesday, April 23rd. The savings and loans company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.01. The firm had revenue of $46.43 million for the quarter, compared to the consensus estimate of $46.00 million. Meridian Bancorp had a return on equity of 8.70% and a net margin of 23.48%. As a group, analysts expect that Meridian Bancorp Inc will post 1.26 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Tuesday, June 18th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.57%. Meridian Bancorp’s dividend payout ratio (DPR) is currently 26.42%.
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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 Suffolk, Norfolk, Middlesex and Essex 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.
Further Reading: What is Cost of Goods Sold (COGS)?
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