Metropolitan Bank (NYSE:MCB) Sets New 12-Month High Following Better-Than-Expected Earnings

Metropolitan Bank Holding Corp. (NYSE:MCBGet Free Report) shares reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $89.41 and last traded at $85.5770, with a volume of 147481 shares. The stock had previously closed at $79.63.

The company reported $2.77 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.70. Metropolitan Bank had a return on equity of 9.73% and a net margin of 13.49%.The firm had revenue of $88.41 million for the quarter, compared to the consensus estimate of $83.15 million.

Metropolitan Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Tuesday, January 27th will be given a $0.20 dividend. This is a boost from Metropolitan Bank’s previous quarterly dividend of $0.15. This represents a $0.80 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Tuesday, January 27th. Metropolitan Bank’s dividend payout ratio (DPR) is presently 9.02%.

Key Stories Impacting Metropolitan Bank

Here are the key news stories impacting Metropolitan Bank this week:

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MCB shares. Keefe, Bruyette & Woods raised their price target on shares of Metropolitan Bank from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday. Weiss Ratings reissued a “hold (c+)” rating on shares of Metropolitan Bank in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $92.00.

Get Our Latest Analysis on Metropolitan Bank

Insider Buying and Selling

In related news, EVP Nick Rosenberg sold 1,250 shares of Metropolitan Bank stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $90.21, for a total transaction of $112,762.50. Following the sale, the executive vice president directly owned 25,839 shares in the company, valued at $2,330,936.19. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel F. Dougherty purchased 1,000 shares of the firm’s stock in a transaction on Monday, October 27th. The stock was acquired at an average price of $71.66 per share, with a total value of $71,660.00. Following the completion of the transaction, the chief financial officer owned 27,341 shares in the company, valued at approximately $1,959,256.06. This trade represents a 3.80% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders purchased 1,167 shares of company stock valued at $83,010. 6.09% of the stock is owned by company insiders.

Institutional Trading of Metropolitan Bank

Several institutional investors have recently added to or reduced their stakes in MCB. Bridgeway Capital Management LLC increased its position in Metropolitan Bank by 0.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 69,851 shares of the company’s stock valued at $5,226,000 after purchasing an additional 182 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Metropolitan Bank by 3.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock worth $350,000 after acquiring an additional 237 shares during the period. SummerHaven Investment Management LLC grew its holdings in Metropolitan Bank by 1.4% during the 2nd quarter. SummerHaven Investment Management LLC now owns 18,247 shares of the company’s stock worth $1,277,000 after acquiring an additional 249 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Metropolitan Bank by 9.6% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 4,502 shares of the company’s stock worth $344,000 after acquiring an additional 393 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in shares of Metropolitan Bank by 7.7% in 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 period. 79.83% of the stock is currently owned by institutional investors.

Metropolitan Bank Price Performance

The business has a 50 day moving average price of $77.93 and a 200-day moving average price of $75.39. The company has a market capitalization of $976.44 million, a price-to-earnings ratio of 14.26 and a beta of 1.13. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98.

Metropolitan Bank Company Profile

(Get Free Report)

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.

Further Reading

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