Keefe, Bruyette & Woods Issues Pessimistic Forecast for Metropolitan Bank (NYSE:MCB) Stock Price

Metropolitan Bank (NYSE:MCB) had its target price lowered by analysts at Keefe, Bruyette & Woods from $120.00 to $110.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 20.48% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Wall Street Zen upgraded Metropolitan Bank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Weiss Ratings raised shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, UBS Group began coverage on shares of Metropolitan Bank in a report on Thursday, April 16th. They issued a “neutral” rating and a $97.00 price target for the company. 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 currently has a consensus rating of “Buy” and an average price target of $103.50.

Metropolitan Bank Price Performance

Shares of Metropolitan Bank stock opened at $91.31 on Thursday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.02. Metropolitan Bank has a twelve month low of $64.66 and a twelve month high of $102.04. The business has a 50-day moving average price of $94.50 and a 200 day moving average price of $89.43. The firm has a market cap of $1.13 billion, a PE ratio of 11.56 and a beta of 1.00.

Metropolitan Bank (NYSE:MCB) last released its quarterly earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.76). The business had revenue of $93.01 million during the quarter, compared to analyst estimates of $93.39 million. Metropolitan Bank had a return on equity of 10.72% and a net margin of 14.31%.

Insider Buying and Selling at Metropolitan Bank

In other news, EVP Nick Rosenberg sold 1,807 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $100.42, for a total value of $181,458.94. Following the transaction, the executive vice president owned 22,202 shares in the company, valued at $2,229,524.84. This trade represents a 7.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert C. Patent sold 10,000 shares of Metropolitan Bank stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $96.41, for a total value of $964,100.00. Following the completion of the sale, the director directly 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 disclosure for this sale is available in the SEC filing. Insiders sold 19,897 shares of company stock valued at $1,874,352 over the last quarter. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Metropolitan Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Emerald Advisers LLC acquired a new stake in shares of Metropolitan Bank in the first quarter valued at about $25,000. Royal Bank of Canada boosted its position in Metropolitan Bank by 70.4% during the fourth quarter. Royal Bank of Canada now owns 346 shares of the company’s stock worth $27,000 after acquiring an additional 143 shares during the last quarter. Quarry LP acquired a new position in Metropolitan Bank during the third quarter worth about $48,000. Kestra Advisory Services LLC purchased a new stake in Metropolitan Bank during the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC raised its holdings in 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 acquiring an additional 490 shares during the last quarter. Institutional investors and hedge funds own 79.83% of the company’s stock.

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.