Wellington Management Group LLP lessened its holdings in Metropolitan Bank Holding Corp. (NYSE:MCB – Free Report) by 15.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,022,383 shares of the company’s stock after selling 180,708 shares during the period. Wellington Management Group LLP owned 0.08% of Metropolitan Bank worth $100,971,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of MCB. Emerald Advisers LLC acquired a new stake in shares of Metropolitan Bank during the 1st quarter worth about $25,000. Royal Bank of Canada lifted its position 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 buying an additional 143 shares during the last quarter. Quarry LP purchased a new position in Metropolitan Bank during the third quarter worth about $48,000. Kestra Advisory Services LLC purchased a new position in Metropolitan Bank during the fourth quarter worth about $51,000. Finally, Avalon Trust Co acquired a new stake in shares of Metropolitan Bank during the second quarter valued at about $148,000. 79.83% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other Metropolitan Bank news, Director Robert C. Patent sold 10,000 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $92.29, for a total value of $922,900.00. Following the sale, the director owned 76,185 shares of the company’s stock, valued at $7,031,113.65. This trade represents a 11.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel F. Dougherty acquired 1,000 shares of the firm’s stock in a transaction dated Thursday, July 23rd. The stock was bought at an average price of $89.98 per share, with a total value of $89,980.00. Following the purchase, the chief financial officer directly owned 33,197 shares in the company, valued at approximately $2,987,066.06. This trade represents a 3.11% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 26,897 shares of company stock worth $2,528,512. Corporate insiders own 5.50% of the company’s stock.
Metropolitan Bank Trading Down 1.5%
Metropolitan Bank (NYSE:MCB – Get Free Report) last announced its 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). The business had revenue of $93.01 million for the quarter, compared to analysts’ expectations of $93.39 million. Metropolitan Bank had a return on equity of 10.22% and a net margin of 14.31%.
Metropolitan Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st were given a dividend of $0.35 per share. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, July 31st. Metropolitan Bank’s dividend payout ratio is currently 17.72%.
Analysts Set New Price Targets
A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Thursday, July 23rd. UBS Group dropped their target price 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. Wall Street Zen lowered Metropolitan Bank from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Metropolitan Bank in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $105.00.
Get Our Latest Research Report on MCB
Metropolitan Bank 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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