Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) Director Robert Patent sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $96.41, for a total transaction of $964,100.00. Following the completion of the sale, the director owned 86,185 shares in the company, valued at approximately $8,309,095.85. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Metropolitan Bank Trading Down 2.0%
MCB opened at $94.73 on Tuesday. 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 1-year low of $64.25 and a 1-year high of $97.84. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.17 billion, a P/E ratio of 11.67 and a beta of 1.01.
Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $2.92 earnings per share for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $87.33 million.
Metropolitan Bank Increases Dividend
The firm also recently announced 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. The ex-dividend date was Friday, May 1st. This represents a $1.00 annualized dividend and a yield of 1.1%. This is a boost from Metropolitan Bank's previous quarterly dividend of $0.20. Metropolitan Bank's dividend payout ratio is 12.32%.
Analyst Ratings Changes
Several research firms recently commented on MCB. Wall Street Zen upgraded shares of Metropolitan Bank from a "hold" rating to a "buy" rating in a research report on Saturday, April 4th. Weiss Ratings upgraded shares of Metropolitan Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods lifted their target price 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. Finally, UBS Group began coverage on shares of Metropolitan Bank in a research report on Thursday, April 16th. They set a "neutral" rating and a $97.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $103.00.
Get Our Latest Stock Analysis on Metropolitan Bank
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in MCB. Tudor Investment Corp ET AL bought a new stake in shares of Metropolitan Bank in the 3rd quarter valued at $2,185,000. American Century Companies Inc. increased its stake in shares of Metropolitan Bank by 8.9% in the 3rd quarter. American Century Companies Inc. now owns 324,991 shares of the company's stock valued at $24,316,000 after acquiring an additional 26,522 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Metropolitan Bank by 53.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 178,363 shares of the company's stock valued at $13,345,000 after acquiring an additional 62,327 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in shares of Metropolitan Bank in the 3rd quarter valued at $1,597,000. Finally, Patriot Financial Partners GP II L.P. bought a new stake in shares of Metropolitan Bank in the 3rd quarter valued at $57,229,000. 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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