Metropolitan Bank (NYSE:MCB) Director Robert Patent Sells 5,000 Shares

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $72.75, for a total value of $363,750.00. Following the transaction, the director owned 103,685 shares in the company, valued at approximately $7,543,083.75. The trade was a 4.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Metropolitan Bank Price Performance

Shares of Metropolitan Bank stock opened at $72.7190 on Friday. 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 Holding Corp. has a one year low of $47.08 and a one year high of $80.20. The business’s 50 day simple moving average is $71.50 and its two-hundred day simple moving average is $63.77. The stock has a market capitalization of $757.73 million, a P/E ratio of 11.79 and a beta of 1.13.

Metropolitan Bank (NYSE:MCB) last released its quarterly earnings data on Thursday, July 17th. The company reported $1.76 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.14. The firm had revenue of $76.27 million during the quarter, compared to analyst estimates of $72.50 million. Metropolitan Bank had a return on equity of 10.69% and a net margin of 13.68%.During the same quarter in the prior year, the firm posted $1.50 earnings per share. Analysts forecast that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current year.

Metropolitan Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, July 28th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, July 28th. Metropolitan Bank’s dividend payout ratio is 9.72%.

Metropolitan Bank announced that its board has authorized a share repurchase plan on Thursday, July 17th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

MCB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their price objective on Metropolitan Bank from $81.00 to $95.00 and gave the company an “outperform” rating in a research note on Monday, July 21st. Hovde Group increased their price objective on Metropolitan Bank from $75.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, June 16th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $82.67.

Hedge Funds Weigh In On Metropolitan Bank

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Metropolitan Bank by 289.5% during the first quarter. GAMMA Investing LLC now owns 596 shares of the company’s stock valued at $33,000 after acquiring an additional 443 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of Metropolitan Bank during the fourth quarter valued at approximately $12,109,000. Victory Capital Management Inc. bought a new position in shares of Metropolitan Bank during the first quarter valued at approximately $986,000. Sippican Capital Advisors raised its holdings in shares of Metropolitan Bank by 31.8% during the first quarter. Sippican Capital Advisors now owns 24,121 shares of the company’s stock valued at $1,351,000 after acquiring an additional 5,825 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new position in shares of Metropolitan Bank during the first quarter valued at approximately $352,000. Institutional investors own 79.83% of the company’s stock.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services to small businesses, middle-market enterprises, public entities, and individuals in the New York metropolitan area.