Metropolitan Bank (NYSE:MCB) Issues Earnings Results, Beats Expectations By $0.20 EPS

Metropolitan Bank (NYSE:MCB) announced its quarterly earnings results on Tuesday. The company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.20, FiscalAI reports. The firm had revenue of $100.56 million during the quarter, compared to analysts’ expectations of $97.05 million. Metropolitan Bank had a net margin of 18.03% and a return on equity of 12.63%.

Metropolitan Bank Stock Performance

Shares of MCB stock opened at $91.52 on Thursday. Metropolitan Bank has a 12-month low of $64.66 and a 12-month high of $102.04. 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 firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 9.33 and a beta of 1.03. The business has a 50 day simple moving average of $89.82 and a 200 day simple moving average of $91.50.

Metropolitan Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Friday, October 30th will be given a $0.35 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.40 annualized dividend and a yield of 1.5%. Metropolitan Bank’s dividend payout ratio is 17.72%.

Key Metropolitan Bank News

Here are the key news stories impacting Metropolitan Bank this week:

• Positive Sentiment: Strong earnings beat: Third-quarter diluted EPS reached $2.58, exceeding the $2.38 analyst consensus, while revenue of $100.6 million topped expectations of $97.05 million. Net income rose to $32.4 million from $19.2 million in the second quarter and $7.1 million a year earlier. MCB Reports Third-Quarter Results
• Positive Sentiment: Core banking growth accelerated: Net interest income increased 26.3% year over year to $97.6 million, and net interest margin expanded to 4.36%. Loans grew by $205 million sequentially to $7.5 billion, while deposits increased by $589.1 million to $8.3 billion. Metropolitan Bank Q3 Earnings and Revenue
• Positive Sentiment: Management offered a constructive outlook: The third-quarter earnings call highlighted continued growth opportunities, supported by loan and deposit momentum and improved profitability. This outlook helped reinforce expectations for further earnings growth. Metropolitan Bank Signals Strong Growth Ahead
• Positive Sentiment: Dividend increased: MCB raised its quarterly cash dividend to $0.40 per share from $0.35, payable November 10 to shareholders of record October 30. The increase signals confidence in capital generation and modestly improves shareholder income. Metropolitan Bank Raises Dividend
• Negative Sentiment: Insider selling remains a consideration: Recent insider activity included substantially more sales than purchases over the past six months, although this signal is secondary to the latest earnings and operating performance.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on MCB shares. Wall Street Zen lowered Metropolitan Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Weiss Ratings restated a “buy (b)” rating on shares of Metropolitan Bank in a report on Friday, August 7th. UBS Group cut their target price 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, Keefe, Bruyette & Woods reduced their target price on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Metropolitan Bank has an average rating of “Buy” and a consensus target price of $105.00.

Insiders Place Their Bets

In other Metropolitan Bank news, Director Dale Fredston sold 2,000 shares of the business’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $89.09, for a total transaction of $178,180.00. Following the sale, the director directly owned 14,668 shares in the company, valued at approximately $1,306,772.12. The trade was a 12.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert Patent sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $92.29, for a total value of $922,900.00. Following the completion of the sale, the director owned 76,185 shares of the company’s stock, valued at $7,031,113.65. This trade represents a 11.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.50% of the stock is currently owned by company insiders.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York City. Founded in 1999, the bank provides banking services to businesses, nonprofit organizations, public-sector entities, professional service firms and individuals.

Metropolitan Commercial Bank’s products and services include commercial and consumer loans, deposit accounts, cash-management and treasury-management services, online and mobile banking, and other financial solutions.