Metropolitan Bank Holding Corp. (NYSE:MCB – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $97.97 and last traded at $98.33, with a volume of 4729 shares traded. The stock had previously closed at $97.06.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on MCB. Weiss Ratings upgraded Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Wall Street Zen upgraded Metropolitan Bank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Keefe, Bruyette & Woods increased their target price on Metropolitan Bank from $105.00 to $109.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Finally, UBS Group assumed coverage on Metropolitan Bank in a research report on Thursday, April 16th. They issued a “neutral” rating and a $97.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $103.00.
View Our Latest Report on Metropolitan Bank
Metropolitan Bank Stock Performance
Metropolitan Bank (NYSE:MCB – Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $2.92 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $0.73. The company had revenue of $88.49 million during the quarter, compared to analysts’ expectations of $87.33 million. Metropolitan Bank had a return on equity of 10.95% and a net margin of 15.89%.
Metropolitan Bank Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Friday, May 1st were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, May 1st. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.20. Metropolitan Bank’s dividend payout ratio is 12.32%.
Insider Activity at Metropolitan Bank
In related news, Director Harvey Gutman sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $89.58, for a total transaction of $268,740.00. Following the completion of the transaction, the director directly owned 18,243 shares in the company, valued at $1,634,207.94. This represents a 14.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert C. Patent sold 10,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $96.41, for a total transaction of $964,100.00. Following the completion of the transaction, the director directly owned 86,185 shares of the company’s stock, valued at approximately $8,309,095.85. The trade was a 10.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 18,000 shares of company stock worth $1,683,890 over the last ninety days. 5.50% of the stock is currently owned by insiders.
Institutional Trading of Metropolitan Bank
A number of hedge funds have recently made changes to their positions in the company. Emerald Advisers LLC acquired a new position in shares of Metropolitan Bank in the first quarter valued at approximately $25,000. Royal Bank of Canada increased its position in Metropolitan Bank by 70.4% in the 4th quarter. Royal Bank of Canada now owns 346 shares of the company’s stock valued at $27,000 after acquiring an additional 143 shares during the period. Quarry LP acquired a new position in Metropolitan Bank in the 3rd quarter valued at approximately $48,000. Kestra Advisory Services LLC bought a new position in shares of Metropolitan Bank during the fourth quarter valued at $51,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Metropolitan Bank by 41.5% during the second quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company’s stock valued at $117,000 after acquiring an additional 490 shares during the last quarter. 79.83% of the stock is owned by institutional investors and hedge funds.
About Metropolitan Bank
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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