BidaskClub Downgrades Meridian Bancorp (EBSB) to Strong Sell

Meridian Bancorp (NASDAQ:EBSB) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Wednesday.

Several other analysts have also recently commented on the stock. Zacks Investment Research cut shares of Meridian Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, October 3rd. ValuEngine cut shares of Meridian Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, August 3rd.

Shares of EBSB traded down $0.05 during mid-day trading on Wednesday, hitting $15.66. 15,981 shares of the company traded hands, compared to its average volume of 197,850. Meridian Bancorp has a one year low of $15.25 and a one year high of $21.85. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $835.37 million, a P/E ratio of 16.49 and a beta of 0.11.



Meridian Bancorp (NASDAQ:EBSB) last released its quarterly earnings results on Tuesday, October 23rd. The savings and loans company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.05. Meridian Bancorp had a net margin of 21.43% and a return on equity of 8.50%. The business had revenue of $45.04 million for the quarter, compared to analysts’ expectations of $45.10 million. As a group, analysts anticipate that Meridian Bancorp will post 1.06 EPS for the current year.

A number of hedge funds have recently made changes to their positions in EBSB. Monarch Partners Asset Management LLC boosted its stake in Meridian Bancorp by 259.8% in the second quarter. Monarch Partners Asset Management LLC now owns 748,374 shares of the savings and loans company’s stock valued at $14,331,000 after acquiring an additional 540,361 shares during the last quarter. BlackRock Inc. boosted its stake in Meridian Bancorp by 8.8% in the second quarter. BlackRock Inc. now owns 3,677,833 shares of the savings and loans company’s stock valued at $70,430,000 after acquiring an additional 298,381 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Meridian Bancorp by 5.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,676,878 shares of the savings and loans company’s stock valued at $51,263,000 after acquiring an additional 145,466 shares during the last quarter. Millennium Management LLC boosted its position in shares of Meridian Bancorp by 26.0% during the second quarter. Millennium Management LLC now owns 301,420 shares of the savings and loans company’s stock worth $5,772,000 after purchasing an additional 62,146 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Meridian Bancorp by 2.6% during the second quarter. Renaissance Technologies LLC now owns 2,151,358 shares of the savings and loans company’s stock worth $41,199,000 after purchasing an additional 54,500 shares in the last quarter. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

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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