Key Points
- Metropolitan Bank director Harvey Gutman sold 3,000 shares on May 29 at an average price of $89.58, totaling $268,740. After the sale, he still owned 18,243 shares valued at about $1.63 million.
- The company reported stronger-than-expected quarterly results, posting earnings of $2.92 per share versus the $2.19 estimate and revenue of $88.49 million versus $87.33 million expected.
- Metropolitan Bank also raised its quarterly dividend to $0.25 from $0.20, while analysts currently maintain a consensus Buy rating with an average price target of $95.00.
Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) Director Harvey Gutman sold 3,000 shares of the firm's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $89.58, for a total value of $268,740.00. Following the transaction, the director directly owned 18,243 shares of the company's stock, valued at approximately $1,634,207.94. This represents a 14.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Metropolitan Bank Stock Down 1.4%
Shares of NYSE:MCB opened at $88.30 on Tuesday. The firm has a market cap of $1.09 billion, a P/E ratio of 10.87 and a beta of 1.02. The business has a fifty day simple moving average of $87.58 and a 200 day simple moving average of $84.11. 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 Holding Corp. has a 12-month low of $63.06 and a 12-month high of $97.84.
Metropolitan Bank (NYSE:MCB - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $88.49 million during the quarter, compared to analysts' expectations of $87.33 million. Metropolitan Bank had a return on equity of 10.95% and a net margin of 15.89%.
Metropolitan Bank Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Friday, May 1st were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 1st. This is a positive change from Metropolitan Bank's previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. Metropolitan Bank's payout ratio is currently 12.32%.
Institutional Investors Weigh In On Metropolitan Bank
A number of hedge funds have recently added to or reduced their stakes in MCB. Emerald Advisers LLC acquired a new stake in Metropolitan Bank in the first quarter valued at approximately $25,000. Royal Bank of Canada grew its stake in Metropolitan Bank by 70.4% in the fourth quarter. Royal Bank of Canada now owns 346 shares of the company's stock valued at $27,000 after acquiring an additional 143 shares during the period. Quarry LP bought a new position in shares of Metropolitan Bank in the third quarter valued at approximately $48,000. Kestra Advisory Services LLC bought a new position in shares of Metropolitan Bank in the fourth quarter valued at approximately $51,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Metropolitan Bank by 41.5% in the second 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. Institutional investors and hedge funds own 79.83% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on MCB shares. Keefe, Bruyette & Woods upped their price objective on shares of Metropolitan Bank from $105.00 to $109.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. 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. UBS Group started coverage on shares of Metropolitan Bank in a research note on Thursday, April 16th. They issued a "neutral" rating and a $97.00 price objective on the stock. Finally, Wall Street Zen raised shares of Metropolitan Bank from a "hold" rating to a "buy" rating in a research note on Saturday, April 4th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Metropolitan Bank has a consensus rating of "Buy" and an average target price of $95.00.
View Our Latest Stock Analysis on Metropolitan Bank
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
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
