Metropolitan Bank (NYSE:MCB) Price Target Raised to $109.00

Metropolitan Bank (NYSE:MCB) had its price objective upped by equities researchers at Keefe, Bruyette & Woods from $105.00 to $109.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 22.69% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Zacks Research raised shares of Metropolitan Bank from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 21st. Wall Street Zen upgraded Metropolitan Bank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Weiss Ratings raised Metropolitan Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, April 6th. Finally, UBS Group initiated coverage on Metropolitan Bank in a research note on Thursday, April 16th. They issued a “neutral” rating and a $97.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Metropolitan Bank presently has an average rating of “Buy” and an average price target of $95.00.

Metropolitan Bank Stock Performance

Metropolitan Bank stock traded up $1.21 on Thursday, hitting $88.84. The company’s stock had a trading volume of 43,468 shares, compared to its average volume of 180,376. The firm has a market cap of $1.10 billion, a P/E ratio of 10.94 and a beta of 1.13. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.01. The company has a fifty day moving average price of $85.68 and a 200-day moving average price of $80.79. Metropolitan Bank has a one year low of $59.09 and a one year high of $97.84.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $2.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.19 by $0.73. The firm had revenue of $88.49 million for the quarter, compared to analyst estimates of $87.33 million. Metropolitan Bank had a net margin of 15.89% and a return on equity of 11.76%.

Insider Buying and Selling

In related news, Director Robert C. Patent sold 4,445 shares of the firm’s stock in a transaction on Friday, January 23rd. The stock was sold at an average price of $92.28, for a total transaction of $410,184.60. Following the completion of the sale, the director directly owned 84,240 shares of the company’s stock, valued at $7,773,667.20. This trade represents a 5.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Metropolitan Bank

A number of institutional investors and hedge funds have recently bought and sold shares of MCB. Royal Bank of Canada boosted its stake in Metropolitan Bank by 11.7% in the first quarter. Royal Bank of Canada now owns 7,429 shares of the company’s stock worth $416,000 after purchasing an additional 778 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Metropolitan Bank by 3.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock valued at $350,000 after buying an additional 237 shares during the last quarter. Empowered Funds LLC lifted its position in Metropolitan Bank by 5.3% during the 1st quarter. Empowered Funds LLC now owns 42,268 shares of the company’s stock worth $2,367,000 after buying an additional 2,126 shares in the last quarter. Quantbot Technologies LP lifted its position in Metropolitan Bank by 39.2% during the 2nd quarter. Quantbot Technologies LP now owns 6,074 shares of the company’s stock worth $425,000 after buying an additional 1,709 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Metropolitan Bank by 854.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 41,747 shares of the company’s stock worth $2,922,000 after buying an additional 37,374 shares in the last quarter. Institutional investors and hedge funds own 79.83% of the company’s stock.

Metropolitan Bank Company Profile

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.