Metropolitan Bank (NYSE:MCB) Director Robert Patent Sells 10,000 Shares of Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 10,000 shares of the business’s 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 $8,309,095.85. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Metropolitan Bank Price Performance

Shares of MCB opened at $94.73 on Tuesday. The firm has a market capitalization of $1.17 billion, a PE ratio of 11.67 and a beta of 1.01. The company’s 50-day moving average is $89.68 and its 200-day moving average is $85.66. Metropolitan Bank Holding Corp. has a fifty-two week low of $64.25 and a fifty-two week high of $97.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.99 and a quick ratio of 0.99.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings data on Tuesday, April 21st. The company reported $2.92 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.73. Metropolitan Bank had a net margin of 15.89% and a return on equity of 10.95%. The company had revenue of $88.49 million for the quarter, compared to analyst estimates of $87.33 million.

Metropolitan Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Investors of record on Friday, May 1st were given a dividend of $0.25 per share. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 1st. Metropolitan Bank’s payout ratio is 12.32%.

Institutional Investors Weigh In On Metropolitan Bank

Large investors have recently bought and sold shares of the company. Emerald Advisers LLC acquired a new stake in Metropolitan Bank during the first quarter worth about $25,000. Royal Bank of Canada boosted its stake in shares of Metropolitan Bank by 70.4% in the 4th quarter. Royal Bank of Canada now owns 346 shares of the company’s stock valued at $27,000 after purchasing an additional 143 shares in the last quarter. Quarry LP acquired a new stake in shares of Metropolitan Bank in the 3rd quarter valued at approximately $48,000. Kestra Advisory Services LLC acquired a new stake in shares of Metropolitan Bank in the 4th quarter valued at approximately $51,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Metropolitan Bank by 41.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company’s stock valued at $117,000 after purchasing an additional 490 shares in the last quarter. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price target on shares of Metropolitan Bank from $105.00 to $109.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Weiss Ratings raised shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. UBS Group initiated coverage on shares of Metropolitan Bank in a research report on Thursday, April 16th. They set a “neutral” rating and a $97.00 price target on the stock. Finally, Wall Street Zen raised shares of Metropolitan Bank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. One investment 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $103.00.

About Metropolitan Bank

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.