Kings Path Partners LLC bought a new position in shares of Metropolitan Bank Holding Corp. (NYSE:MCB – Free Report) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 6,460 shares of the company’s stock, valued at approximately $563,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SummerHaven Investment Management LLC purchased a new stake in shares of Metropolitan Bank in the 3rd quarter valued at about $1,548,000. Integrated Wealth Concepts LLC bought a new stake in Metropolitan Bank during the second quarter valued at approximately $33,000. Arizona State Retirement System lifted its position in Metropolitan Bank by 24.3% during the second quarter. Arizona State Retirement System now owns 2,992 shares of the company’s stock valued at $295,000 after purchasing an additional 584 shares during the last quarter. Empowered Funds LLC bought a new stake in Metropolitan Bank during the second quarter valued at approximately $5,052,000. Finally, Bank of America Corp DE purchased a new position in Metropolitan Bank in the 2nd quarter worth approximately $6,372,000. 79.83% of the stock is currently owned by hedge funds and other institutional investors.
Metropolitan Bank Price Performance
MCB opened at $91.52 on Thursday. The stock has a 50-day moving average price of $89.82 and a 200-day moving average price of $91.50. Metropolitan Bank Holding Corp. has a 12-month low of $64.66 and a 12-month high of $102.04. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.13 billion, a P/E ratio of 9.06 and a beta of 1.03.
Metropolitan Bank (NYSE:MCB – Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The company reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.20. The company had revenue of $100.56 million for the quarter, compared to analysts’ expectations of $97.05 million. Metropolitan Bank had a return on equity of 12.63% and a net margin of 18.03%.
Metropolitan Bank Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Friday, October 30th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, October 30th. Metropolitan Bank’s dividend payout ratio (DPR) is presently 17.72%.
Insider Buying and Selling
In other news, Director Dale C. Fredston sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $89.09, for a total value of $178,180.00. Following the completion of the sale, the director directly owned 14,668 shares in the company, valued at approximately $1,306,772.12. The trade was a 12.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert C. Patent sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $92.29, for a total transaction of $922,900.00. Following the completion of the sale, the director owned 76,185 shares of the company’s stock, valued at approximately $7,031,113.65. The trade was a 11.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.50% of the stock is owned by company insiders.
Key Metropolitan Bank News
Here are the key news stories impacting Metropolitan Bank this week:
- Positive Sentiment: Strong earnings beat: Third-quarter diluted EPS reached $2.58, exceeding the $2.38 analyst consensus, while revenue of $100.6 million topped expectations of $97.05 million. Net income rose to $32.4 million from $19.2 million in the second quarter and $7.1 million a year earlier. MCB Reports Third-Quarter Results
- Positive Sentiment: Core banking growth accelerated: Net interest income increased 26.3% year over year to $97.6 million, and net interest margin expanded to 4.36%. Loans grew by $205 million sequentially to $7.5 billion, while deposits increased by $589.1 million to $8.3 billion. Metropolitan Bank Q3 Earnings and Revenue
- Positive Sentiment: Management offered a constructive outlook: The third-quarter earnings call highlighted continued growth opportunities, supported by loan and deposit momentum and improved profitability. This outlook helped reinforce expectations for further earnings growth. Metropolitan Bank Signals Strong Growth Ahead
- Positive Sentiment: Dividend increased: MCB raised its quarterly cash dividend to $0.40 per share from $0.35, payable November 10 to shareholders of record October 30. The increase signals confidence in capital generation and modestly improves shareholder income. Metropolitan Bank Raises Dividend
- Negative Sentiment: Insider selling remains a consideration: Recent insider activity included substantially more sales than purchases over the past six months, although this signal is secondary to the latest earnings and operating performance.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on the stock. Wall Street Zen lowered shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Weiss Ratings restated a “buy (b)” rating on shares of Metropolitan Bank in a research report on Friday, August 7th. Keefe, Bruyette & Woods dropped their price objective on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, July 23rd. Finally, UBS Group dropped their price objective on shares of Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $105.00.
Check Out Our Latest Research Report on MCB
Metropolitan Bank Company Profile
Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York City. Founded in 1999, the bank provides banking services to businesses, nonprofit organizations, public-sector entities, professional service firms and individuals.
Metropolitan Commercial Bank’s products and services include commercial and consumer loans, deposit accounts, cash-management and treasury-management services, online and mobile banking, and other financial solutions.
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