SummerHaven Investment Management LLC Purchases New Holdings in Metropolitan Bank Holding Corp. $MCB

SummerHaven Investment Management LLC purchased a new stake in Metropolitan Bank Holding Corp. (NYSE:MCB) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,774 shares of the company’s stock, valued at approximately $1,548,000. Metropolitan Bank makes up about 1.1% of SummerHaven Investment Management LLC’s portfolio, making the stock its 17th biggest position. SummerHaven Investment Management LLC owned approximately 0.14% of Metropolitan Bank as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MCB. Emerald Advisers LLC acquired a new stake in Metropolitan Bank during the 1st quarter valued at $25,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Metropolitan Bank in the second quarter valued at $33,000. Royal Bank of Canada lifted its holdings in shares of Metropolitan Bank by 272.0% in the first quarter. Royal Bank of Canada now owns 1,287 shares of the company’s stock valued at $108,000 after purchasing an additional 941 shares in the last quarter. Avalon Trust Co purchased a new stake in shares of Metropolitan Bank in the second quarter valued at $148,000. Finally, Diversified Trust Co acquired a new stake in shares of Metropolitan Bank in the first quarter worth $223,000. Institutional investors and hedge funds own 79.83% of the company’s stock.

Wall Street Analysts Forecast Growth

MCB has been the subject of several recent analyst reports. Keefe, Bruyette & Woods decreased their target price on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Metropolitan Bank in a research report on Friday, August 7th. UBS Group dropped their price target on Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 28th. Finally, Wall Street Zen downgraded Metropolitan Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. One equities 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 company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $105.00.

Insider Buying and Selling at Metropolitan Bank

In other Metropolitan Bank news, CFO Daniel F. Dougherty bought 1,000 shares of the firm’s stock in a transaction on Thursday, July 23rd. The stock was bought at an average cost of $89.98 per share, with a total value of $89,980.00. Following the completion of the transaction, the chief financial officer directly owned 33,197 shares of the company’s stock, valued at approximately $2,987,066.06. The trade was a 3.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert C. Patent sold 10,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $92.29, for a total transaction of $922,900.00. Following the transaction, the director owned 76,185 shares in the company, valued at approximately $7,031,113.65. This trade represents a 11.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.50% of the company’s stock.

Metropolitan Bank Stock Down 0.1%

MCB opened at $87.32 on Friday. Metropolitan Bank Holding Corp. has a fifty-two week low of $64.66 and a fifty-two week high of $102.04. The business has a 50-day moving average of $90.08 and a 200-day moving average of $91.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $1.08 billion, a PE ratio of 11.05 and a beta of 1.03.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.76). Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The firm had revenue of $93.01 million for the quarter, compared to analyst estimates of $93.39 million.

Metropolitan Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Friday, July 31st were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, July 31st. This is a boost from Metropolitan Bank’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a yield of 1.6%. Metropolitan Bank’s payout ratio is 17.72%.

Metropolitan Bank Profile

Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York. Founded in 1999, the bank provides financial services to businesses, entrepreneurs, institutions and consumers through its branch network and digital banking channels.

Metropolitan Commercial Bank offers commercial and consumer deposit accounts, business and real estate lending, personal loans, cash-management and treasury services, online and mobile banking, and other payment-related solutions.