Metropolitan Bank (NYSE:MCB) Posts Earnings Results, Misses Estimates By $0.73 EPS

Metropolitan Bank (NYSE:MCB) issued 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. The firm had revenue of $93.01 million during the quarter, compared to the consensus estimate of $93.39 million. Metropolitan Bank had a return on equity of 10.95% and a net margin of 15.89%.

Metropolitan Bank Trading Up 0.4%

NYSE MCB traded up $0.37 on Tuesday, hitting $98.92. 188,906 shares of the stock were exchanged, compared to its average volume of 157,587. 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 stock has a fifty day moving average price of $94.06 and a two-hundred day moving average price of $89.06. The firm has a market capitalization of $1.23 billion, a P/E ratio of 12.18 and a beta of 1.00. Metropolitan Bank has a 52-week low of $64.66 and a 52-week high of $102.04.

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 given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.4%. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.25. Metropolitan Bank’s dividend payout ratio is presently 12.32%.

Analysts Set New Price Targets

Several equities analysts have weighed in on MCB shares. Keefe, Bruyette & Woods raised their price target on Metropolitan Bank from $105.00 to $109.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. UBS Group began coverage on shares of Metropolitan Bank in a report on Thursday, April 16th. They issued a “neutral” rating and a $97.00 target price for the company. Finally, Wall Street Zen upgraded shares of Metropolitan Bank from a “hold” rating to a “buy” rating in a research 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 MarketBeat, the company has a consensus rating of “Buy” and an average price target of $103.00.

Insider Activity

In related news, EVP Nick Rosenberg sold 1,807 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $100.42, for a total value of $181,458.94. Following the sale, the executive vice president directly owned 22,202 shares of the company’s stock, valued at $2,229,524.84. This represents a 7.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert C. Patent sold 10,000 shares of the firm’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 directly owned 86,185 shares of the company’s stock, valued at approximately $8,309,095.85. The trade was a 10.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 19,897 shares of company stock valued at $1,874,352. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Metropolitan Bank

A number of large investors have recently bought and sold shares of MCB. Royal Bank of Canada increased its position in shares of Metropolitan Bank by 11.7% during the first quarter. Royal Bank of Canada now owns 7,429 shares of the company’s stock worth $416,000 after acquiring an additional 778 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Metropolitan Bank by 3.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock worth $350,000 after purchasing an additional 237 shares in the last quarter. Empowered Funds LLC increased its holdings in Metropolitan Bank by 5.3% during the 1st quarter. Empowered Funds LLC now owns 42,268 shares of the company’s stock worth $2,367,000 after purchasing an additional 2,126 shares during the period. Quantbot Technologies LP increased its holdings in Metropolitan Bank by 39.2% during the 2nd quarter. Quantbot Technologies LP now owns 6,074 shares of the company’s stock worth $425,000 after purchasing an additional 1,709 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its position in 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 purchasing an additional 37,374 shares in the last quarter. Hedge funds and other institutional investors own 79.83% of the company’s stock.

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.