Robert Patent Sells 10,000 Shares of Metropolitan Bank (NYSE:MCB) Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 10,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $96.41, for a total transaction of $964,100.00. Following the completion of the sale, the director owned 86,185 shares in the company, valued at $8,309,095.85. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Metropolitan Bank Trading Up 1.4%

Shares of MCB opened at $96.06 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a 50 day simple moving average of $89.93 and a 200-day simple moving average of $85.81. Metropolitan Bank Holding Corp. has a 1-year low of $64.25 and a 1-year high of $97.84. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 11.83 and a beta of 1.01.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings data on Tuesday, April 21st. The company reported $2.92 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.73. Metropolitan Bank had a net margin of 15.89% and a return on equity of 10.95%. The business had revenue of $88.49 million during the quarter, compared to analysts’ expectations of $87.33 million.

Metropolitan Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Friday, May 1st were paid a dividend of $0.25 per share. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Friday, May 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Metropolitan Bank’s dividend payout ratio is 12.32%.

Hedge Funds Weigh In On Metropolitan Bank

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price objective 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. Wall Street Zen raised shares of Metropolitan Bank from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Weiss Ratings raised shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. Finally, UBS Group assumed coverage on shares of Metropolitan Bank in a research note on Thursday, April 16th. They issued a “neutral” rating and a $97.00 target price for the company. One investment 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, Metropolitan Bank currently 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.