Key Points
- Director Dale Fredston sold 2,000 Metropolitan Bank shares at an average price of $89.09, generating $178,180 and reducing his position by 12% to 14,668 shares.
- Metropolitan Bank’s latest quarterly results fell short of expectations, with EPS of $1.54 versus the $2.30 consensus estimate, while revenue was $93.01 million.
- The company increased its quarterly dividend to $0.35 per share, equivalent to an annualized $1.40 dividend and a 1.6% yield. Analysts maintain an overall “Buy” rating with an average price target of $105.
Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) Director Dale Fredston sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $89.09, for a total value of $178,180.00. Following the completion of the transaction, the director owned 14,668 shares in the company, valued at approximately $1,306,772.12. This trade represents a 12.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Metropolitan Bank Stock Performance
Shares of NYSE:MCB opened at $89.06 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.97 and a quick ratio of 0.97. Metropolitan Bank Holding Corp. has a 1 year low of $64.66 and a 1 year high of $102.04. The firm has a market capitalization of $1.10 billion, a PE ratio of 11.27 and a beta of 0.97. The business's 50 day moving average price is $92.78 and its 200-day moving average price is $90.35.
Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $1.54 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.76). The firm had revenue of $93.01 million during the quarter, compared to analyst estimates 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 firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a positive change from Metropolitan Bank's previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. Metropolitan Bank's payout ratio is currently 17.72%.
Institutional Trading of Metropolitan Bank
Several large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in shares of Metropolitan Bank during the 1st quarter valued at about $1,033,000. Ranger Investment Management L.P. purchased a new stake in shares of Metropolitan Bank in the second quarter valued at about $10,849,000. Man Group plc acquired a new stake in Metropolitan Bank during the second quarter worth about $1,442,000. Bank of America Corp DE increased its position in Metropolitan Bank by 611.9% during the first quarter. Bank of America Corp DE now owns 141,613 shares of the company's stock worth $11,795,000 after purchasing an additional 121,721 shares during the last quarter. Finally, Lido Advisors LLC purchased a new position in Metropolitan Bank during the fourth quarter worth about $2,632,000. 79.83% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
MCB has been the topic of several research reports. Wall Street Zen downgraded shares of Metropolitan Bank from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Metropolitan Bank in a research note on Friday, August 7th. UBS Group cut their price objective on shares of Metropolitan Bank from $110.00 to $100.00 and set a "neutral" rating for the company in a report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods decreased their target price 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 research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $105.00.
Read Our Latest Analysis on Metropolitan Bank
About Metropolitan Bank
(
Get Free Report)
Metropolitan Bank is the bank holding company for Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York City. Founded in 1999, the bank provides banking and financial services to businesses, nonprofit organizations, public entities, entrepreneurs and individual customers.
Its offerings include commercial and industrial lending, commercial real estate and multifamily loans, residential lending, business and consumer deposit accounts, treasury management, cash-management services and private banking.
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