Metropolitan Bank (NYSE:MCB – Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
MCB has been the topic of a number of other reports. UBS Group assumed coverage on Metropolitan Bank in a research note on Thursday, April 16th. They issued a “neutral” rating and a $97.00 target price on the stock. Keefe, Bruyette & Woods lowered their price target on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Weiss Ratings raised shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $103.50.
Get Our Latest Stock Report on Metropolitan Bank
Metropolitan Bank Stock Up 0.3%
Metropolitan Bank (NYSE:MCB – Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The company reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.76). The company had revenue of $93.01 million for the quarter, compared to analyst estimates of $93.39 million. Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.72%.
Insider Activity
In related news, Director Harvey Gutman sold 3,000 shares of Metropolitan Bank stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $89.58, for a total transaction of $268,740.00. Following the sale, the director directly owned 18,243 shares in the company, valued at $1,634,207.94. The trade was a 14.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert C. Patent sold 10,000 shares of Metropolitan Bank stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $96.41, for a total transaction of $964,100.00. Following the sale, the director owned 86,185 shares in the company, valued at approximately $8,309,095.85. This represents a 10.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 19,897 shares of company stock valued at $1,874,352. Company insiders own 5.50% of the company’s stock.
Institutional Trading of Metropolitan Bank
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Metropolitan Bank by 114.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 559,479 shares of the company’s stock valued at $42,722,000 after acquiring an additional 299,061 shares in the last quarter. Wellington Management Group LLP raised its holdings in Metropolitan Bank by 66.6% during the fourth quarter. Wellington Management Group LLP now owns 592,799 shares of the company’s stock worth $45,266,000 after purchasing an additional 236,946 shares in the last quarter. Bank of America Corp DE lifted its position in Metropolitan Bank by 611.9% in the first quarter. Bank of America Corp DE now owns 141,613 shares of the company’s stock worth $11,795,000 after purchasing an additional 121,721 shares during the period. JPMorgan Chase & Co. lifted its position in Metropolitan Bank by 53.7% in the third quarter. JPMorgan Chase & Co. now owns 178,363 shares of the company’s stock worth $13,345,000 after purchasing an additional 62,327 shares during the period. Finally, UBS Group AG lifted its position in Metropolitan Bank by 363.5% in the fourth quarter. UBS Group AG now owns 64,832 shares of the company’s stock worth $4,951,000 after purchasing an additional 50,844 shares during the period. 79.83% of the stock is currently owned by institutional investors.
Metropolitan Bank Company Profile
Metropolitan Bank (NYSE:MCB), through its principal subsidiary Metropolitan Commercial Bank, operates as a New York–based regional financial institution providing a range of commercial and consumer banking services. The company offers deposit products including checking, savings and money market accounts, as well as business and personal certificates of deposit. On the lending side, Metropolitan Bank extends commercial real estate financing, equipment loans, working capital lines of credit and consumer installment loans tailored to the needs of small- and medium-sized enterprises and individual customers.
In addition to traditional deposit and lending services, Metropolitan Bank provides specialized treasury and cash-management solutions, foreign exchange services and letters of credit for both domestic businesses and multinational clients.
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