Metropolitan Bank (NYSE:MCB) Hits New 12-Month High – Here’s Why
by Amy Steele · The Cerbat GemMetropolitan Bank Holding Corp. (NYSE:MCB – Get Free Report) reached a new 52-week high during trading on Wednesday . The company traded as high as $96.82 and last traded at $94.6510, with a volume of 102041 shares. The stock had previously closed at $94.62.
Wall Street Analyst Weigh In
MCB has been the subject of a number of research analyst reports. Zacks Research raised shares of Metropolitan Bank from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 21st. Weiss Ratings restated a “hold (c+)” rating on shares of Metropolitan Bank in a research report on Thursday, January 22nd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Metropolitan Bank from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Thursday, January 22nd. One research 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 company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $92.00.
View Our Latest Analysis on Metropolitan Bank
Metropolitan Bank Price Performance
The company has a market cap of $993.44 million, a P/E ratio of 14.50 and a beta of 1.15. The firm’s 50-day moving average is $82.01 and its two-hundred day moving average is $76.61. 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 issued its quarterly earnings data on Tuesday, January 20th. The company reported $2.77 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.70. The business had revenue of $88.41 million during the quarter, compared to analysts’ expectations of $83.15 million. Metropolitan Bank had a net margin of 13.49% and a return on equity of 9.73%. 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 disclosed a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Tuesday, January 27th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.8%. This is a boost from Metropolitan Bank’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, January 27th. Metropolitan Bank’s dividend payout ratio (DPR) is currently 12.03%.
Insider Buying and Selling
In other news, EVP Nick Rosenberg sold 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $90.21, for a total transaction of $112,762.50. Following the transaction, the executive vice president owned 25,839 shares of the company’s stock, valued at approximately $2,330,936.19. The trade was a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert C. Patent sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $94.99, for a total value of $949,900.00. Following the completion of the sale, the director owned 88,685 shares of the company’s stock, valued at approximately $8,424,188.15. This represents a 10.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 16,320 shares of company stock valued at $1,523,103. Company insiders own 6.09% of the company’s stock.
Institutional Trading of Metropolitan Bank
Large investors have recently modified their holdings of the company. Patriot Financial Partners GP II L.P. purchased a new position in Metropolitan Bank during the 3rd quarter worth $57,229,000. Dimensional Fund Advisors LP lifted its holdings in shares of Metropolitan Bank by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 404,059 shares of the company’s stock worth $30,232,000 after buying an additional 24,115 shares during the period. American Century Companies Inc. grew its position in shares of Metropolitan Bank by 8.9% during the 3rd quarter. American Century Companies Inc. now owns 324,991 shares of the company’s stock worth $24,316,000 after buying an additional 26,522 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Metropolitan Bank by 53.7% during the third quarter. JPMorgan Chase & Co. now owns 178,363 shares of the company’s stock valued at $13,345,000 after buying an additional 62,327 shares during the period. Finally, Ranger Investment Management L.P. increased its stake in shares of Metropolitan Bank by 0.6% during the third quarter. Ranger Investment Management L.P. now owns 151,470 shares of the company’s stock valued at $11,333,000 after buying an additional 965 shares during the period. Hedge funds and other institutional investors own 79.83% of the company’s stock.
About Metropolitan Bank
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.