Key Points
- Director Robert Patent sold 10,000 Metropolitan Bank shares at an average price of $92.29, generating $922,900. His remaining stake fell 11.6% to 76,185 shares.
- Metropolitan Bank’s latest quarterly earnings missed expectations, with EPS of $1.54 versus the $2.30 consensus, while revenue was $93.01 million versus $93.39 million expected.
- The company increased its quarterly dividend to $0.35 from $0.25, implying a $1.40 annual payout and a 1.5% yield. Analysts maintain an overall “Buy” rating with an average price target of $105.
Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) Director Robert Patent sold 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $92.29, for a total transaction of $922,900.00. Following the transaction, the director owned 76,185 shares in the company, valued at approximately $7,031,113.65. This trade represents a 11.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Metropolitan Bank Trading Up 2.1%
Shares of MCB stock opened at $94.91 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. Metropolitan Bank Holding Corp. has a 12-month low of $64.66 and a 12-month high of $102.04. The stock has a market capitalization of $1.18 billion, a P/E ratio of 12.01 and a beta of 0.99. The firm's 50 day moving average is $95.32 and its 200 day moving average is $90.51.
Metropolitan Bank (NYSE:MCB - Get Free Report) last announced its 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 company had revenue of $93.01 million for the quarter, compared to analysts' expectations of $93.39 million. Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%.
Metropolitan Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Friday, July 31st were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, July 31st. This is an increase from Metropolitan Bank's previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a dividend yield of 1.5%. Metropolitan Bank's dividend payout ratio is presently 17.72%.
Hedge Funds Weigh In On Metropolitan Bank
A number of institutional investors have recently bought and sold shares of MCB. Emerald Advisers LLC bought a new stake in Metropolitan Bank during the first quarter valued at about $25,000. Royal Bank of Canada raised its stake in shares of Metropolitan Bank by 70.4% in the fourth quarter. Royal Bank of Canada now owns 346 shares of the company's stock worth $27,000 after buying an additional 143 shares during the period. Quarry LP bought a new position in shares of Metropolitan Bank in the third quarter worth about $48,000. Kestra Advisory Services LLC purchased a new position in shares of Metropolitan Bank during the 4th quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Metropolitan Bank by 41.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company's stock valued at $117,000 after buying an additional 490 shares in the last quarter. 79.83% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of research analysts have weighed in on MCB shares. UBS Group lowered their target price on Metropolitan Bank from $110.00 to $100.00 and set a "neutral" rating on the stock in a report on Tuesday, July 28th. Weiss Ratings restated a "buy (b)" rating on shares of Metropolitan Bank in a research note on Friday, August 7th. Wall Street Zen lowered shares of Metropolitan Bank from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Metropolitan Bank presently has an average rating of "Buy" and an average price target of $105.00.
Check Out Our Latest Stock Report 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.
Featured Stories
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].
