Robert Patent Sells 4,445 Shares of Metropolitan Bank (NYSE:MCB) Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 4,445 shares of Metropolitan Bank stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $92.28, for a total transaction of $410,184.60. Following the sale, the director directly owned 84,240 shares in the company, valued at $7,773,667.20. This trade represents a 5.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Metropolitan Bank Stock Up 1.1%

Shares of NYSE MCB opened at $89.71 on Wednesday. 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 Holding Corp. has a 1 year low of $47.08 and a 1 year high of $96.75. The stock’s 50-day simple moving average is $79.16 and its 200-day simple moving average is $75.75. The firm has a market cap of $924.01 million, a price-to-earnings ratio of 13.49 and a beta of 1.13.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings results on Tuesday, January 20th. The company reported $2.77 EPS 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 during the quarter, compared to the consensus estimate of $83.15 million. As a group, equities analysts anticipate that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current fiscal year.

Metropolitan Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 6th. Investors of record on Tuesday, January 27th will be issued a $0.20 dividend. This is a boost from Metropolitan Bank’s previous quarterly dividend of $0.15. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, January 27th. Metropolitan Bank’s dividend payout ratio is currently 9.02%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MCB shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Metropolitan Bank in a report on Thursday, January 22nd. Zacks Research upgraded Metropolitan Bank from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their price objective on Metropolitan Bank from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Metropolitan Bank currently has a consensus rating of “Buy” and an average price target of $92.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MCB. Royal Bank of Canada raised its stake in Metropolitan Bank by 11.7% during the first quarter. Royal Bank of Canada now owns 7,429 shares of the company’s stock worth $416,000 after acquiring an additional 778 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Metropolitan Bank by 3.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock valued at $350,000 after purchasing an additional 237 shares during the last quarter. Empowered Funds LLC raised its position in shares of Metropolitan Bank by 5.3% during the 1st quarter. Empowered Funds LLC now owns 42,268 shares of the company’s stock worth $2,367,000 after purchasing an additional 2,126 shares during the period. SummerHaven Investment Management LLC lifted its holdings in shares of Metropolitan Bank by 1.4% in the 2nd quarter. SummerHaven Investment Management LLC now owns 18,247 shares of the company’s stock worth $1,277,000 after purchasing an additional 249 shares during the last quarter. Finally, Sippican Capital Advisors boosted its position in Metropolitan Bank by 8.5% during the 2nd quarter. Sippican Capital Advisors now owns 26,178 shares of the company’s stock valued at $1,832,000 after purchasing an additional 2,057 shares during the period. 79.83% of the stock is owned by institutional investors and hedge funds.

Metropolitan Bank Company 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.