Sterling Capital Management LLC lowered its holdings in Metropolitan Bank Holding Corp. (NYSE:MCB – Free Report) by 15.0% in the first quarter, Holdings Channel.com reports. The fund owned 29,896 shares of the company’s stock after selling 5,259 shares during the quarter. Sterling Capital Management LLC’s holdings in Metropolitan Bank were worth $2,490,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. Patriot Financial Partners GP II L.P. acquired a new position in shares of Metropolitan Bank during the 3rd quarter worth $57,229,000. Wellington Management Group LLP lifted its stake in shares of Metropolitan Bank by 66.6% in the fourth quarter. Wellington Management Group LLP now owns 592,799 shares of the company’s stock valued at $45,266,000 after purchasing an additional 236,946 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake 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 purchasing an additional 299,061 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Metropolitan Bank by 5.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 427,129 shares of the company’s stock worth $32,616,000 after buying an additional 23,070 shares in the last quarter. Finally, State Street Corp boosted its holdings in Metropolitan Bank by 6.4% during the fourth quarter. State Street Corp now owns 346,858 shares of the company’s stock worth $26,486,000 after buying an additional 20,750 shares in the last quarter. 79.83% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages have weighed in on MCB. Weiss Ratings upgraded shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. UBS Group started coverage on Metropolitan Bank in a research report on Thursday, April 16th. They set a “neutral” rating and a $97.00 target price on the stock. Keefe, Bruyette & Woods increased their price target on shares of Metropolitan Bank from $105.00 to $109.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Finally, Wall Street Zen raised Metropolitan Bank from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Metropolitan Bank presently has an average rating of “Buy” and an average target price of $103.00.
Insider Activity
In other news, Director Harvey Gutman sold 3,000 shares of the company’s 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 completion of the transaction, the director owned 18,243 shares of the company’s stock, valued at $1,634,207.94. This represents a 14.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert C. Patent sold 10,000 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $96.41, for a total transaction of $964,100.00. Following the transaction, the director owned 86,185 shares in the company, valued at approximately $8,309,095.85. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 18,000 shares of company stock valued at $1,683,890 in the last 90 days. 5.50% of the stock is owned by company insiders.
Metropolitan Bank Stock Down 0.2%
Shares of NYSE MCB opened at $99.64 on Monday. The firm has a market cap of $1.24 billion, a P/E ratio of 12.27 and a beta of 1.01. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.99 and a current ratio of 0.99. Metropolitan Bank Holding Corp. has a 1 year low of $64.66 and a 1 year high of $100.00. The firm’s 50 day moving average price is $91.12 and its 200 day moving average price is $86.92.
Metropolitan Bank (NYSE:MCB – Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The company reported $2.92 EPS for the quarter, beating analysts’ consensus estimates of $2.19 by $0.73. The business had revenue of $88.49 million during the quarter, compared to the consensus estimate 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Friday, May 1st were issued a $0.25 dividend. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.20. The ex-dividend date was Friday, May 1st. This represents a $1.00 annualized dividend and a yield of 1.0%. Metropolitan Bank’s dividend payout ratio (DPR) is presently 12.32%.
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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