Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) Director Robert Patent sold 4,445 shares of Metropolitan Bank stock in a transaction on Friday, January 23rd. The shares were sold at an average price of $92.28, for a total value of $410,184.60. Following the completion of the sale, the director directly owned 84,240 shares of the company's stock, valued at $7,773,667.20. This trade represents a 5.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Metropolitan Bank Trading Down 1.1%
MCB opened at $88.87 on Tuesday. The firm has a 50 day simple moving average of $78.75 and a 200 day simple moving average of $75.63. Metropolitan Bank Holding Corp. has a fifty-two week low of $47.08 and a fifty-two week high of $96.75. The company has a market cap of $915.31 million, a price-to-earnings ratio of 13.36 and a beta of 1.13. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.
Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings results on Tuesday, January 20th. 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 company had revenue of $88.41 million for the quarter, compared to the consensus estimate of $83.15 million. On average, sell-side analysts anticipate that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current year.
Metropolitan Bank Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, February 6th. Stockholders of record on Tuesday, January 27th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Tuesday, January 27th. This is an increase from Metropolitan Bank's previous quarterly dividend of $0.15. Metropolitan Bank's dividend payout ratio is presently 9.02%.
Wall Street Analyst Weigh In
MCB has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of Metropolitan Bank from $90.00 to $105.00 and gave the stock an "outperform" rating in a research note on Thursday, January 22nd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Metropolitan Bank in a report on Thursday. Finally, Zacks Research raised shares of Metropolitan Bank from a "hold" rating to a "strong-buy" rating in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $92.00.
View Our Latest Analysis on MCB
Institutional Investors Weigh In On Metropolitan Bank
Several large investors have recently made changes to their positions in MCB. State of Alaska Department of Revenue bought a new stake in Metropolitan Bank in the 3rd quarter valued at $31,000. Quarry LP bought a new position in Metropolitan Bank during the 3rd quarter worth about $48,000. Tower Research Capital LLC TRC raised 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 during the period. Daytona Street Capital LLC bought a new stake in shares of Metropolitan Bank in the fourth quarter valued at about $199,000. Finally, Arizona State Retirement System bought a new stake in shares of Metropolitan Bank in the third quarter valued at about $201,000. Institutional investors own 79.83% of the company's stock.
About Metropolitan Bank
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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.
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