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

Metropolitan Bank Holding Corp. (NYSE:MCB) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $67.01 and last traded at $67.01, with a volume of 43139 shares changing hands. The stock had previously closed at $63.15.

Wall Street Analysts Forecast Growth

Separately, Hovde Group upped their target price on shares of Metropolitan Bank from $65.50 to $68.00 and gave the company an “outperform” rating in a research note on Monday, October 21st.

Metropolitan Bank Price Performance

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.00 and a quick ratio of 1.00. The business has a fifty day moving average of $56.65 and a 200 day moving average of $49.53. The stock has a market cap of $745.02 million, a PE ratio of 12.50 and a beta of 1.12.

Metropolitan Bank (NYSE:MCB) last released its quarterly earnings results on Thursday, October 17th. The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.31. The business had revenue of $71.52 million during the quarter, compared to the consensus estimate of $66.70 million. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. Sell-side analysts anticipate that Metropolitan Bank Holding Corp. will post 6.31 earnings per share for the current year.

Insiders Place Their Bets

In other Metropolitan Bank news, Director Robert C. Patent sold 1,000 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $55.32, for a total transaction of $55,320.00. Following the transaction, the director now owns 79,133 shares of the company’s stock, valued at $4,377,637.56. This trade represents a 1.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nick Rosenberg sold 1,250 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $55.14, for a total value of $68,925.00. Following the completion of the sale, the executive vice president now owns 31,443 shares of the company’s stock, valued at $1,733,767.02. This trade represents a 3.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,973 shares of company stock valued at $291,024 in the last ninety days. Corporate insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Metropolitan Bank

Institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD acquired a new position in Metropolitan Bank in the first quarter valued at approximately $1,876,000. Jacobs Levy Equity Management Inc. boosted its position in Metropolitan Bank by 21.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 82,931 shares of the company’s stock valued at $3,193,000 after purchasing an additional 14,547 shares during the period. Vanguard Group Inc. grew its stake in Metropolitan Bank by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 628,996 shares of the company’s stock worth $24,216,000 after buying an additional 27,499 shares during the last quarter. SG Americas Securities LLC bought a new stake in Metropolitan Bank in the second quarter valued at $273,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Metropolitan Bank by 52.3% during the second quarter. Bank of New York Mellon Corp now owns 83,472 shares of the company’s stock valued at $3,513,000 after acquiring an additional 28,665 shares during the period. Institutional investors own 79.83% of the company’s stock.

About Metropolitan Bank

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.