Metropolitan Bank (NYSE:MCB) Announces Earnings Results

Metropolitan Bank (NYSE:MCB) announced its earnings results on Tuesday. The company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.73), FiscalAI reports. Metropolitan Bank had a net margin of 15.89% and a return on equity of 10.95%. The company had revenue of $93.01 million for the quarter, compared to the consensus estimate of $93.39 million.

Metropolitan Bank Price Performance

Shares of MCB stock traded up $0.37 on Tuesday, reaching $98.92. 188,906 shares of the company were exchanged, compared to its average volume of 157,296. Metropolitan Bank has a 1 year low of $64.66 and a 1 year high of $102.04. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.99 and a current ratio of 0.99. The business has a 50-day moving average price of $94.06 and a 200 day moving average price of $89.06. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 12.18 and a beta of 1.00.

Metropolitan Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st will be paid a dividend of $0.35 per share. This is an increase 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 1.4%. The ex-dividend date of this dividend is Friday, July 31st. Metropolitan Bank’s dividend payout ratio is presently 12.32%.

Insider Buying and Selling

In related news, Director Robert C. Patent sold 10,000 shares of Metropolitan Bank stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $96.41, for a total value of $964,100.00. Following the sale, the director directly owned 86,185 shares in the company, valued at approximately $8,309,095.85. The trade was a 10.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Nick Rosenberg sold 1,807 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $100.42, for a total value of $181,458.94. Following the sale, the executive vice president owned 22,202 shares of the company’s stock, valued at approximately $2,229,524.84. This trade represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 19,897 shares of company stock worth $1,874,352. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Metropolitan Bank

A number of large investors have recently modified their holdings of MCB. Royal Bank of Canada grew its position 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 valued at $27,000 after purchasing an additional 143 shares in the last quarter. Quarry LP purchased a new stake in Metropolitan Bank in the 3rd quarter valued at $48,000. Kestra Advisory Services LLC purchased a new stake in Metropolitan Bank in the 4th quarter valued at $51,000. Tower Research Capital LLC TRC increased its stake in shares of Metropolitan Bank by 41.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company’s stock worth $117,000 after acquiring an additional 490 shares during the last quarter. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Metropolitan Bank in the 2nd quarter worth $208,000. Hedge funds and other institutional investors own 79.83% of the company’s stock.

Analyst Ratings Changes

MCB has been the topic of a number of recent research reports. UBS Group started coverage on Metropolitan Bank in a research report on Thursday, April 16th. They set a “neutral” rating and a $97.00 price objective on the stock. Weiss Ratings upgraded shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Keefe, Bruyette & Woods lifted their target price on shares of Metropolitan Bank from $105.00 to $109.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Finally, Wall Street Zen upgraded shares of Metropolitan Bank from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $103.00.

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.