Meridian Bancorp (NASDAQ:EBSB) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Meridian Bancorp (NASDAQ:EBSB) from a strong-buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

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. “

EBSB has been the topic of a number of other research reports. BidaskClub upgraded shares of Meridian Bancorp from a hold rating to a buy rating in a report on Monday, November 2nd. TheStreet upgraded shares of Meridian Bancorp from a c+ rating to a b- rating in a research note on Monday, November 9th.

Shares of Meridian Bancorp stock opened at $14.91 on Tuesday. Meridian Bancorp has a 12-month low of $8.88 and a 12-month high of $20.43. The company has a market cap of $781.48 million, a P/E ratio of 11.93 and a beta of 0.91. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 1.04. The company’s fifty day simple moving average is $14.45 and its two-hundred day simple moving average is $12.23.

Meridian Bancorp (NASDAQ:EBSB) last announced its earnings results on Sunday, November 1st. The savings and loans company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.05. Meridian Bancorp had a net margin of 23.56% and a return on equity of 8.74%. The firm had revenue of $52.38 million for the quarter, compared to analysts’ expectations of $51.23 million. Analysts predict that Meridian Bancorp will post 1.28 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Stifel Financial Corp boosted its stake in Meridian Bancorp by 7.8% in the 2nd quarter. Stifel Financial Corp now owns 17,454 shares of the savings and loans company’s stock worth $202,000 after purchasing an additional 1,259 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in Meridian Bancorp by 1.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 130,166 shares of the savings and loans company’s stock worth $1,347,000 after purchasing an additional 1,429 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in Meridian Bancorp by 1.1% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 208,073 shares of the savings and loans company’s stock valued at $2,414,000 after acquiring an additional 2,249 shares during the period. AJO LP bought a new position in Meridian Bancorp during the 3rd quarter valued at about $26,000. Finally, California Public Employees Retirement System lifted its stake in Meridian Bancorp by 3.2% during the 3rd quarter. California Public Employees Retirement System now owns 106,877 shares of the savings and loans company’s stock valued at $1,106,000 after acquiring an additional 3,300 shares during the period. Institutional investors own 62.98% of the company’s stock.

Meridian Bancorp Company Profile

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, such as NOW and money market accounts; savings accounts; and certificates of deposit, as well as commercial checking accounts.

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