Sei Investments Co. acquired a new position in Metropolitan Bank Holding Corp. (NYSE:MCB – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 10,050 shares of the company’s stock, valued at approximately $837,000. Sei Investments Co. owned about 0.08% of Metropolitan Bank as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Royal Bank of Canada boosted its stake in Metropolitan Bank by 70.4% in the fourth quarter. Royal Bank of Canada now owns 346 shares of the company’s stock valued at $27,000 after acquiring an additional 143 shares in the last quarter. Bridgeway Capital Management LLC grew its holdings in Metropolitan Bank by 0.3% in the third quarter. Bridgeway Capital Management LLC now owns 69,851 shares of the company’s stock worth $5,226,000 after purchasing an additional 182 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Metropolitan Bank by 3.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock worth $350,000 after purchasing an additional 237 shares in the last quarter. Emerald Advisers LLC acquired a new position in shares of Metropolitan Bank during the first quarter worth $25,000. Finally, Lazard Asset Management LLC lifted its holdings in shares of Metropolitan Bank by 7.7% during the 2nd quarter. Lazard Asset Management LLC now owns 5,671 shares of the company’s stock valued at $396,000 after purchasing an additional 407 shares during the last quarter. Institutional investors own 79.83% of the company’s stock.
Insider Activity
In other news, CFO Daniel F. Dougherty purchased 1,000 shares of the stock in a transaction that occurred on Thursday, July 23rd. The shares were purchased at an average cost of $89.98 per share, with a total value of $89,980.00. Following the completion of the acquisition, the chief financial officer owned 33,197 shares of the company’s stock, valued at approximately $2,987,066.06. This represents a 3.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harvey Gutman sold 3,000 shares of the firm’s stock in a transaction 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 sale, the director owned 18,243 shares in the company, valued at approximately $1,634,207.94. This represents a 14.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,897 shares of company stock valued at $2,797,252 in the last quarter. Company insiders own 5.50% of the company’s stock.
Metropolitan Bank Stock Down 0.4%
Metropolitan Bank (NYSE:MCB – Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.76). Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The company had revenue of $93.01 million for the quarter, compared to analysts’ expectations of $93.39 million.
Metropolitan Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, July 31st. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.25. Metropolitan Bank’s dividend payout ratio is 17.72%.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on MCB. Weiss Ratings reissued a “buy (b)” rating on shares of Metropolitan Bank in a research report on Friday, August 7th. Keefe, Bruyette & Woods reduced their target price on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Wall Street Zen cut Metropolitan Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, UBS Group lowered their price target on 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 assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $105.00.
Read Our Latest Stock Analysis on MCB
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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