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

Meridian Co. (NASDAQ:MRBK) – Investment analysts at DA Davidson cut their FY2024 earnings per share estimates for shares of Meridian in a research note issued on Thursday, December 19th. DA Davidson analyst M. Navas now expects that the company will earn $1.21 per share for the year, down from their prior estimate 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.

Meridian (NASDAQ:MRBK) last posted its quarterly earnings data on Thursday, October 24th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.07. Meridian had a net margin of 6.00% and a return on equity of 6.99%. The business had revenue of $51.15 million during the quarter, compared to analysts’ expectations of $26.57 million.

Separately, Piper Sandler upped their target price on Meridian from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 29th.

Meridian Stock Performance

Shares of Meridian stock opened at $14.17 on Friday. The company has a 50 day moving average of $14.68 and a 200-day moving average of $12.49. The company has a market cap of $159.27 million, a PE ratio of 14.03 and a beta of 0.78. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 0.30. Meridian has a 1-year low of $8.26 and a 1-year high of $17.33.

Meridian Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 19th. Stockholders of record on Tuesday, November 12th were issued a $0.125 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.53%. Meridian’s dividend payout ratio (DPR) is currently 49.51%.

Institutional Investors Weigh In On Meridian

A number of hedge funds have recently made changes to their positions in MRBK. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Meridian during the 3rd quarter worth approximately $128,000. Dimensional Fund Advisors LP grew its stake in shares of 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 buying an additional 10,514 shares during the last quarter. Banc Funds Co. LLC increased its holdings in shares of Meridian by 4.7% during the third quarter. Banc Funds Co. LLC now owns 829,153 shares of the company’s stock worth $10,480,000 after buying an additional 37,450 shares in the last quarter. Barclays PLC lifted its stake in shares of Meridian by 10.0% in the 3rd 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. Finally, Geode Capital Management LLC boosted its holdings in shares of Meridian by 3.1% during the 3rd quarter. Geode Capital Management LLC now owns 93,534 shares of the company’s stock valued at $1,183,000 after acquiring an additional 2,838 shares in the last quarter. 58.56% of the stock is currently owned by institutional investors and hedge funds.

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.