Metropolitan Bank (NYSE:MCB) Sets New 52-Week High After Better-Than-Expected Earnings

Shares of Metropolitan Bank Holding Corp. (NYSE:MCB) hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $89.41 and last traded at $85.5770, with a volume of 147481 shares trading hands. The stock had previously closed at $79.63.

The company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.07 by $0.70. The firm had revenue of $88.41 million for the quarter, compared to analysts’ expectations of $83.15 million. Metropolitan Bank had a return on equity of 8.71% and a net margin of 12.46%.

Metropolitan Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 6th. Stockholders of record on Tuesday, January 27th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, January 27th. Metropolitan Bank’s payout ratio is currently 10.42%.

Wall Street Analysts Forecast Growth

MCB has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods lowered their target price on Metropolitan Bank from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Metropolitan Bank in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.50.

Insider Buying and Selling

In other news, CFO Daniel F. Dougherty acquired 1,000 shares of the stock in a transaction on Monday, October 27th. The shares were purchased at an average cost of $71.66 per share, for a total transaction of $71,660.00. Following the transaction, the chief financial officer owned 27,341 shares in the company, valued at approximately $1,959,256.06. This trade represents a 3.80% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nick Rosenberg sold 625 shares of the business’s stock in a transaction on Wednesday, December 10th. The shares were sold at an average price of $80.41, for a total transaction of $50,256.25. Following the sale, the executive vice president directly owned 27,089 shares in the company, valued at approximately $2,178,226.49. This trade represents a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have bought 1,167 shares of company stock worth $83,010 in the last 90 days. 6.09% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MCB. State of Alaska Department of Revenue purchased a new position in Metropolitan Bank during the 3rd quarter valued at about $31,000. Quarry LP purchased a new stake in shares of Metropolitan Bank in the third quarter worth approximately $48,000. Tower Research Capital LLC TRC boosted its holdings in shares of Metropolitan Bank by 41.5% during the second quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company’s stock worth $117,000 after purchasing an additional 490 shares during the period. Arizona State Retirement System purchased a new position in Metropolitan Bank during the third quarter valued at approximately $201,000. Finally, Systematic Alpha Investments LLC acquired a new position in Metropolitan Bank in the 3rd quarter valued at approximately $202,000. 79.83% of the stock is owned by institutional investors and hedge funds.

Metropolitan Bank Trading Up 8.2%

The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a market cap of $887.65 million, a price-to-earnings ratio of 14.91 and a beta of 1.13. The company’s 50 day simple moving average is $76.99 and its two-hundred day simple moving average is $75.15.

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.