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In a notable performance, Meridian Bank (NASDAQ:MRBK) stock has reached a 52-week high, touching $16.95 USD in a recent trading session. The small-cap bank, with a market capitalization of $187 million, currently trades near its InvestingPro Fair Value, offering investors a solid 3% dividend yield. This peak reflects a significant uptrend for the bank, with an impressive 71% gain over the past six months alone. Investors have shown increased confidence in Meridian Bank's growth prospects and financial health, as evidenced by the stock's climb to this new high, trading at a P/E ratio of 16.4. The bank's strategic initiatives and operational achievements have evidently resonated well with the market, though InvestingPro analysis indicates the stock may be overbought. InvestingPro subscribers have access to 8 additional real-time tips and comprehensive financial metrics for MRBK.
In other recent news, Meridian Corp disclosed its Q3 financial results, revealing an earnings per share (EPS) of $0.42. This figure surpassed both Piper Sandler's estimate of $0.34 and the consensus estimate of $0.35. The robust revenue was driven by a strong net interest margin and fee revenues, which exceeded analyst predictions due to increased mortgage banking activity. Piper Sandler responded to these results by raising its price target for Meridian Bank from $14.00 to $15.00, while maintaining a neutral rating.
In other recent developments, the bank's credit provisioning for the quarter was in line with projections, and net charge-offs were reported at 46 basis points. However, average loan growth was lower than expected, with a modest increase of 1.3% from the last quarter. Piper Sandler's revised earnings estimate for Meridian Bank reflects an improved net interest margin forecast, tempered by anticipated increases in credit costs.
In the previous quarter, Meridian Bank reported an EPS of $0.30, slightly missing the consensus estimate of $0.31. Despite this, the bank reported robust revenue, exceeding expectations primarily due to strong net interest income and mortgage revenue. Piper Sandler maintained a neutral rating on the company's stock, raising the price target from $11.00 to $13.00 following these results.
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