Meridian Bancorp (NASDAQ:EBSB) Downgraded by BidaskClub

BidaskClub cut shares of Meridian Bancorp (NASDAQ:EBSB) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, BidAskClub reports.

A number of other equities research analysts also recently issued reports on EBSB. Piper Jaffray Companies raised shares of Meridian Bancorp from a neutral rating to an overweight rating and boosted their price objective for the company from $18.50 to $20.00 in a research report on Tuesday, July 2nd. ValuEngine downgraded shares of Meridian Bancorp from a hold rating to a sell rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded shares of Meridian Bancorp from a hold rating to a sell rating in a research report on Wednesday, September 4th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $18.67.

EBSB traded up $0.12 during mid-day trading on Wednesday, reaching $18.50. 118,184 shares of the company traded hands, compared to its average volume of 140,123. The stock has a market capitalization of $980.07 million, a P/E ratio of 17.45 and a beta of 0.56. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.86. The company’s fifty day moving average price is $18.25 and its 200-day moving average price is $17.72. Meridian Bancorp has a 52-week low of $13.67 and a 52-week high of $19.32.

Meridian Bancorp (NASDAQ:EBSB) last announced its earnings results on Tuesday, July 23rd. The savings and loans company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.01). Meridian Bancorp had a net margin of 22.96% and a return on equity of 8.77%. The company had revenue of $45.42 million for the quarter, compared to analysts’ expectations of $47.10 million.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Tuesday, September 17th were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend was Monday, September 16th. Meridian Bancorp’s payout ratio is 26.42%.

Several hedge funds have recently modified their holdings of EBSB. Commonwealth Equity Services LLC boosted its holdings in Meridian Bancorp by 0.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 95,894 shares of the savings and loans company’s stock worth $1,715,000 after buying an additional 620 shares during the period. Bessemer Group Inc. boosted its holdings in Meridian Bancorp by 1.6% in the 2nd quarter. Bessemer Group Inc. now owns 114,800 shares of the savings and loans company’s stock worth $2,054,000 after buying an additional 1,800 shares during the period. Aperio Group LLC bought a new position in Meridian Bancorp in the 2nd quarter worth $178,000. Wedge Capital Management L L P NC bought a new position in Meridian Bancorp in the 2nd quarter worth $213,000. Finally, Swiss National Bank boosted its holdings in Meridian Bancorp by 1.0% in the 2nd quarter. Swiss National Bank now owns 94,600 shares of the savings and loans company’s stock worth $1,692,000 after buying an additional 900 shares during the period. 65.60% of the stock is 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 Suffolk, Norfolk, Middlesex and Essex 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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