Meridian Bancorp (NASDAQ:EBSB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The firm presently has a $17.00 price objective on the savings and loans company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.18% from the company’s previous close.
According to Zacks, “Meridian Bancorp Inc. is a bank holding company for East Boston Savings Bank. The Bank provides financial services to individuals and businesses. It accepts various deposit products, including non-interest-bearing demand deposits; interest-bearing demand accounts; savings accounts; and certificates of deposits, as well as commercial checking accounts. The company also offers loan products consisting of commercial real estate loans, one-to four-family residential loans, multi-family real estate loans, construction loans, commercial business loans, home equity lines of credit, automobile loans, loans secured by passbook or certificate accounts, and overdraft loans. Meridian Bancorp Inc., formerly known as Meridian Interstate Bancorp, Inc., is based in Peabody, Massachusetts. “
Separately, BidaskClub upgraded Meridian Bancorp from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 11th.
EBSB stock traded down $0.08 during midday trading on Friday, reaching $15.02. The stock had a trading volume of 111,900 shares, compared to its average volume of 144,538. The firm has a market capitalization of $819.40 million, a price-to-earnings ratio of 15.81 and a beta of 0.39. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.24 and a quick ratio of 1.24. Meridian Bancorp has a 52-week low of $13.67 and a 52-week high of $21.85.
Meridian Bancorp (NASDAQ:EBSB) last issued its earnings results on Tuesday, October 23rd. The savings and loans company reported $0.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.05. The company had revenue of $45.04 million during the quarter, compared to analyst estimates of $45.10 million. Meridian Bancorp had a return on equity of 8.99% and a net margin of 22.37%. As a group, equities research analysts expect that Meridian Bancorp will post 1.12 earnings per share for the current year.
In other news, Director James G. Sartori sold 2,400 shares of the firm’s stock in a transaction dated Friday, November 30th. The stock was sold at an average price of $16.25, for a total transaction of $39,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 3,700 shares of company stock worth $59,551 over the last 90 days. Insiders own 5.30% of the company’s stock.
Large investors have recently bought and sold shares of the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Meridian Bancorp during the 2nd quarter valued at about $111,000. Caxton Associates LP acquired a new stake in shares of Meridian Bancorp during the 3rd quarter valued at about $184,000. HRT Financial LLC acquired a new stake in shares of Meridian Bancorp during the 3rd quarter valued at about $188,000. Capital Fund Management S.A. acquired a new stake in shares of Meridian Bancorp during the 3rd quarter valued at about $197,000. Finally, Alps Advisors Inc. grew its position in shares of Meridian Bancorp by 22.7% during the 3rd quarter. Alps Advisors Inc. now owns 27,819 shares of the savings and loans company’s stock valued at $473,000 after acquiring an additional 5,145 shares during the period. Hedge funds and other institutional investors own 66.17% of the company’s stock.
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 Essex, Middlesex, Norfolk, and Suffolk 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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