Meridian Bancorp (EBSB) Rating Increased to Hold at Zacks Investment Research

Meridian Bancorp (NASDAQ:EBSB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday.

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 subject of several other reports. BidaskClub cut shares of Meridian Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, December 7th. Hovde Group reiterated a “hold” rating and set a $15.00 price objective on shares of Meridian Bancorp in a research report on Monday, January 28th.

EBSB opened at $15.74 on Tuesday. Meridian Bancorp has a twelve month low of $13.67 and a twelve month high of $20.75. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.80. The firm has a market cap of $806.48 million, a PE ratio of 14.85 and a beta of 0.51.

Meridian Bancorp (NASDAQ:EBSB) last posted its quarterly earnings data on Tuesday, January 22nd. The savings and loans company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.05). Meridian Bancorp had a return on equity of 8.34% and a net margin of 23.56%. The firm had revenue of $42.31 million for the quarter, compared to analyst estimates of $45.20 million. As a group, research analysts anticipate that Meridian Bancorp will post 1.2 earnings per share for the current fiscal year.

In related news, EVP Edward J. Merritt sold 2,800 shares of the stock in a transaction on Monday, January 28th. The shares were sold at an average price of $15.80, for a total transaction of $44,240.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Gregory F. Natalucci sold 7,000 shares of the stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $15.76, for a total transaction of $110,320.00. The disclosure for this sale can be found here. 5.30% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantamental Technologies LLC bought a new position in shares of Meridian Bancorp in the fourth quarter valued at $34,000. Baystate Wealth Management LLC lifted its stake in shares of Meridian Bancorp by 201.7% in the fourth quarter. Baystate Wealth Management LLC now owns 6,028 shares of the savings and loans company’s stock valued at $94,000 after buying an additional 4,030 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Meridian Bancorp by 10.3% in the fourth quarter. Legal & General Group Plc now owns 8,597 shares of the savings and loans company’s stock valued at $123,000 after buying an additional 806 shares in the last quarter. Prudential Financial Inc. lifted its stake in shares of Meridian Bancorp by 9.0% in the fourth quarter. Prudential Financial Inc. now owns 11,440 shares of the savings and loans company’s stock valued at $164,000 after buying an additional 945 shares in the last quarter. Finally, Caxton Associates LP bought a new position in shares of Meridian Bancorp in the third quarter valued at $184,000. 64.82% of the stock is currently owned by institutional investors and hedge funds.

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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