Meridian Bancorp (NASDAQ:EBSB) Upgraded at BidaskClub

BidaskClub upgraded shares of Meridian Bancorp (NASDAQ:EBSB) from a sell rating to a hold rating in a report released on Thursday, BidAskClub reports.

Other research analysts have also recently issued reports about the company. Piper Jaffray Companies upgraded Meridian Bancorp from a neutral rating to an overweight rating and boosted their target price for the stock from $18.50 to $20.00 in a report on Tuesday, July 2nd. Zacks Investment Research cut Meridian Bancorp from a hold rating to a sell rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Meridian Bancorp has an average rating of Hold and an average price target of $18.67.

NASDAQ:EBSB traded up $0.12 during trading hours on Thursday, hitting $18.73. 73,600 shares of the stock were exchanged, compared to its average volume of 131,574. Meridian Bancorp has a 52-week low of $13.67 and a 52-week high of $19.32. The firm’s fifty day moving average price is $17.80 and its 200 day moving average price is $17.23. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.86. The company has a market cap of $965.14 million, a P/E ratio of 17.67 and a beta of 0.55.

Meridian Bancorp (NASDAQ:EBSB) last issued its earnings results on Tuesday, July 23rd. The savings and loans company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.01). The company had revenue of $45.42 million for the quarter, compared to analyst estimates of $47.10 million. Meridian Bancorp had a return on equity of 8.77% and a net margin of 22.96%.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Monday, September 16th. Meridian Bancorp’s dividend payout ratio is currently 26.42%.

Institutional investors have recently modified their holdings of the company. Nuveen Asset Management LLC acquired a new position in Meridian Bancorp in the second quarter valued at approximately $8,931,000. Cannell Peter B & Co. Inc. acquired a new position in Meridian Bancorp in the second quarter valued at approximately $6,035,000. Castine Capital Management LLC acquired a new position in Meridian Bancorp in the first quarter valued at approximately $5,193,000. Martingale Asset Management L P acquired a new position in Meridian Bancorp in the first quarter valued at approximately $3,647,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Meridian Bancorp by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,957,866 shares of the savings and loans company’s stock valued at $42,357,000 after acquiring an additional 194,621 shares during the last quarter. Institutional investors and hedge funds own 65.67% 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 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.

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