What is DA Davidson's Estimate for Meridian FY2024 Earnings?

Meridian Co. (NASDAQ:MRBK - Free Report) - Analysts at DA Davidson reduced their FY2024 EPS estimates for Meridian in a research note issued to investors on Thursday, December 19th. DA Davidson analyst M. Navas now anticipates that the company will post earnings of $1.21 per share for the year, down from their prior forecast of $1.25. DA Davidson currently has a "Buy" rating and a $17.00 target price on the stock. The consensus estimate for Meridian's current full-year earnings is $1.29 per share. DA Davidson also issued estimates for Meridian's Q4 2024 earnings at $0.31 EPS.

Separately, Piper Sandler increased their target price on shares of Meridian from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Tuesday, October 29th.

Meridian Price Performance

NASDAQ MRBK traded down $0.33 during mid-day trading on Friday, hitting $14.17. The stock had a trading volume of 29,597 shares, compared to its average volume of 14,693. Meridian has a twelve month low of $8.26 and a twelve month high of $17.33. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.97 and a quick ratio of 0.95. The firm's 50 day moving average is $14.68 and its 200 day moving average is $12.48. The stock has a market capitalization of $159.27 million, a price-to-earnings ratio of 14.03 and a beta of 0.78.

Meridian (NASDAQ:MRBK - Get Free Report) last announced its earnings results on Thursday, October 24th. The company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.07. The business had revenue of $51.15 million during the quarter, compared to analysts' expectations of $26.57 million. Meridian had a return on equity of 6.99% and a net margin of 6.00%.

Meridian Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 19th. Investors of record on Tuesday, November 12th were given a dividend of $0.125 per share. The ex-dividend date was Tuesday, November 12th. This represents a $0.50 dividend on an annualized basis and a yield of 3.53%. Meridian's payout ratio is 49.51%.

Hedge Funds Weigh In On Meridian

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MRBK. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Meridian in the 3rd quarter valued at about $128,000. Barclays PLC lifted its holdings in Meridian by 10.0% in the third quarter. Barclays PLC now owns 40,406 shares of the company's stock valued at $511,000 after acquiring an additional 3,675 shares during the last quarter. Geode Capital Management LLC grew its position in Meridian by 3.1% in the third quarter. Geode Capital Management LLC now owns 93,534 shares of the company's stock worth $1,183,000 after acquiring an additional 2,838 shares during the period. Dimensional Fund Advisors LP increased its stake in Meridian by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 171,249 shares of the company's stock worth $1,801,000 after acquiring an additional 10,514 shares during the last quarter. Finally, Banc Funds Co. LLC raised its position in Meridian by 4.7% in the third quarter. Banc Funds Co. LLC now owns 829,153 shares of the company's stock valued at $10,480,000 after purchasing an additional 37,450 shares during the period. Institutional investors and hedge funds own 58.56% of the company's stock.

About Meridian

Meridian Corporation operates as the holding company for Meridian Bank that provides commercial banking products and services in Pennsylvania, New Jersey, Delaware, Florida, and Maryland. The company offers various deposit products, such as demand non-interest bearing, demand interest bearing, savings accounts, money market accounts, and time deposits.