Wescott Financial Advisory Group LLC acquired a new stake in Meridian Co. (NASDAQ:MRBK) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 13,399 shares of the company’s stock, valued at approximately $348,000. Wescott Financial Advisory Group LLC owned 0.22% of Meridian as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the business. Fourthstone LLC acquired a new position in shares of Meridian during the 2nd quarter worth $1,221,000. Meridian Wealth Partners LLC increased its stake in shares of Meridian by 13.5% during the 1st quarter. Meridian Wealth Partners LLC now owns 67,698 shares of the company’s stock worth $1,760,000 after purchasing an additional 8,065 shares during the last quarter. Citadel Advisors LLC acquired a new position in shares of Meridian during the 1st quarter worth $325,000. Nuveen Asset Management LLC acquired a new position in shares of Meridian during the 1st quarter worth $238,000. Finally, Kennedy Capital Management Inc. increased its stake in shares of Meridian by 83.7% during the 1st quarter. Kennedy Capital Management Inc. now owns 25,999 shares of the company’s stock worth $676,000 after purchasing an additional 11,843 shares during the last quarter. Hedge funds and other institutional investors own 38.34% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Meridian from a “hold” rating to a “buy” rating and set a $29.00 price target on the stock in a research note on Friday, July 30th.
Meridian (NASDAQ:MRBK) last issued its quarterly earnings results on Sunday, July 25th. The company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.17. Meridian had a net margin of 20.75% and a return on equity of 25.72%. The firm had revenue of $37.14 million during the quarter, compared to the consensus estimate of $36.57 million. Research analysts anticipate that Meridian Co. will post 5.27 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 16th. Shareholders of record on Monday, August 9th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Friday, August 6th. Meridian’s dividend payout ratio (DPR) is presently 11.71%.
Meridian Corp. is a bank holding company, which engages in the provision of commercial and consumer banking services. It operates through the following segments: Banking, Meridian Wealth, and Mortgage Banking. The Banking segment consists of commercial and retail banking. The Meridian Wealth segment offers wealth management services and products.
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