Short Interest in Meridian Bank (NASDAQ:MRBK) Drops By 9.1%

Meridian Bank (NASDAQ:MRBK) was the recipient of a large drop in short interest in September. As of September 30th, there was short interest totalling 2,000 shares, a drop of 9.1% from the August 30th total of 2,200 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 6,800 shares, the days-to-cover ratio is currently 0.3 days.

A number of large investors have recently modified their holdings of MRBK. BlackRock Inc. raised its position in Meridian Bank by 12.7% in the 2nd quarter. BlackRock Inc. now owns 7,149 shares of the company’s stock worth $121,000 after purchasing an additional 808 shares during the period. River Oaks Capital LLC raised its position in Meridian Bank by 54.1% in the 2nd quarter. River Oaks Capital LLC now owns 38,518 shares of the company’s stock worth $651,000 after purchasing an additional 13,518 shares during the period. Context BH Capital Management LP raised its position in Meridian Bank by 1.0% in the 2nd quarter. Context BH Capital Management LP now owns 61,420 shares of the company’s stock worth $1,038,000 after purchasing an additional 600 shares during the period. Vanguard Group Inc. raised its position in Meridian Bank by 7.0% in the 2nd quarter. Vanguard Group Inc. now owns 140,136 shares of the company’s stock worth $2,368,000 after purchasing an additional 9,200 shares during the period. Finally, Maltese Capital Management LLC raised its position in Meridian Bank by 9.4% in the 2nd quarter. Maltese Capital Management LLC now owns 245,976 shares of the company’s stock worth $4,157,000 after purchasing an additional 21,211 shares during the period. Institutional investors own 46.02% of the company’s stock.

Several analysts have recently weighed in on MRBK shares. Zacks Investment Research cut shares of Meridian Bank from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 3rd. ValuEngine cut shares of Meridian Bank from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods upgraded shares of Meridian Bank from a “market perform” rating to an “outperform” rating in a research report on Tuesday, August 6th.

Shares of Meridian Bank stock remained flat at $$17.51 on Thursday. 1,974 shares of the stock traded hands, compared to its average volume of 3,227. The company’s 50-day simple moving average is $17.66 and its 200-day simple moving average is $17.41. The company has a market capitalization of $112.22 million, a P/E ratio of 13.27 and a beta of -0.08. Meridian Bank has a 12-month low of $15.26 and a 12-month high of $18.88.

Meridian Bank (NASDAQ:MRBK) last posted its quarterly earnings data on Monday, July 29th. The company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.05. The company had revenue of $16.85 million for the quarter, compared to analysts’ expectations of $17.38 million. On average, equities research analysts anticipate that Meridian Bank will post 1.45 earnings per share for the current fiscal year.

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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