Cadence Capital Management LLC raised its holdings in shares of Metropolitan Bank Holding Corp (NYSE:MCB) by 20.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,305 shares of the company’s stock after purchasing an additional 7,945 shares during the quarter. Cadence Capital Management LLC owned 0.58% of Metropolitan Bank worth $1,945,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE grew its position in shares of Metropolitan Bank by 728.0% in the 2nd quarter. Bank of America Corp DE now owns 2,691 shares of the company’s stock worth $141,000 after acquiring an additional 2,366 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in shares of Metropolitan Bank in the 2nd quarter worth approximately $215,000. Joel Isaacson & Co. LLC acquired a new position in shares of Metropolitan Bank in the 2nd quarter worth approximately $255,000. Rhumbline Advisers acquired a new position in shares of Metropolitan Bank in the 2nd quarter worth approximately $318,000. Finally, Engineers Gate Manager LP acquired a new position in shares of Metropolitan Bank in the 2nd quarter worth approximately $412,000. Hedge funds and other institutional investors own 54.07% of the company’s stock.
Several research analysts have recently commented on MCB shares. Zacks Investment Research lowered Metropolitan Bank from a “buy” rating to a “strong sell” rating in a research report on Tuesday, July 31st. ValuEngine lowered Metropolitan Bank from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $49.00.
NYSE:MCB opened at $38.76 on Friday. Metropolitan Bank Holding Corp has a 12-month low of $35.00 and a 12-month high of $55.00. The company has a market cap of $322.38 million and a P/E ratio of 12.67. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.35.
Metropolitan Bank (NYSE:MCB) last released its quarterly earnings data on Thursday, October 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.11. Metropolitan Bank had a return on equity of 10.78% and a net margin of 23.70%. The business had revenue of $20.36 million during the quarter, compared to analyst estimates of $20.57 million. Equities analysts expect that Metropolitan Bank Holding Corp will post 3.07 EPS for the current fiscal year.
About Metropolitan Bank
Metropolitan Bank Holding Corp. operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services to small businesses, middle-market enterprises, public entities, and individuals in the New York metropolitan area.
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