Metropolitan Bank (NYSE:MCB) Sets New 1-Year High – Here’s What Happened

Metropolitan Bank Holding Corp. (NYSE:MCB)’s share price hit a new 52-week high on Tuesday . The company traded as high as $57.77 and last traded at $57.67, with a volume of 2573 shares traded. The stock had previously closed at $57.29.

Analysts Set New Price Targets

MCB has been the topic of a number of recent analyst reports. Hovde Group started coverage on Metropolitan Bank in a research report on Thursday, September 19th. They set an “outperform” rating and a $65.50 price target on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $67.50 price target (up from $55.00) on shares of Metropolitan Bank in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on Metropolitan Bank from $55.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd.

Metropolitan Bank Trading Up 3.0 %

The stock has a market capitalization of $660.28 million, a PE ratio of 9.42 and a beta of 1.13. The company’s 50 day moving average price is $50.38 and its two-hundred day moving average price is $45.32. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99.

Metropolitan Bank (NYSE:MCB) last released its earnings results on Thursday, July 18th. The company reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.07). Metropolitan Bank had a return on equity of 10.47% and a net margin of 15.22%. The business had revenue of $121.90 million during the quarter, compared to analysts’ expectations of $68.02 million. During the same period last year, the business earned $1.37 earnings per share. As a group, analysts expect that Metropolitan Bank Holding Corp. will post 6.1 earnings per share for the current year.

Insider Buying and Selling

In other Metropolitan Bank news, CEO Mark R. Defazio sold 34,986 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.34, for a total value of $1,936,125.24. Following the transaction, the chief executive officer now directly owns 181,208 shares in the company, valued at $10,028,050.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Scott Lublin sold 1,005 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $55.11, for a total value of $55,385.55. Following the sale, the executive vice president now directly owns 57,077 shares in the company, valued at approximately $3,145,513.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark R. Defazio sold 34,986 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $55.34, for a total transaction of $1,936,125.24. Following the transaction, the chief executive officer now directly owns 181,208 shares of the company’s stock, valued at approximately $10,028,050.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,241 shares of company stock worth $2,060,436. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Metropolitan Bank

Large investors have recently made changes to their positions in the stock. Millennium Management LLC purchased a new stake in Metropolitan Bank in the second quarter valued at approximately $4,991,000. Price T Rowe Associates Inc. MD acquired a new position in Metropolitan Bank during the 1st quarter worth about $1,876,000. Empowered Funds LLC acquired a new position in Metropolitan Bank in the 1st quarter valued at about $1,303,000. Marshall Wace LLP increased its stake in Metropolitan Bank by 193.1% during the second quarter. Marshall Wace LLP now owns 50,350 shares of the company’s stock worth $2,119,000 after purchasing an additional 33,171 shares during the period. Finally, American Century Companies Inc. boosted its stake in shares of Metropolitan Bank by 21.1% in the second quarter. American Century Companies Inc. now owns 186,440 shares of the company’s stock valued at $7,847,000 after purchasing an additional 32,491 shares during the period. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services to small businesses, middle-market enterprises, public entities, and individuals in the New York metropolitan area.