Metropolitan Bank (NYSE:MCB) Shares Gap Up Following Strong Earnings

Metropolitan Bank Holding Corp. (NYSE:MCB) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $88.87, but opened at $95.00. Metropolitan Bank shares last traded at $91.2830, with a volume of 66,575 shares changing hands.

The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.20. Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The firm had revenue of $100.56 million during the quarter, compared to analysts’ expectations of $97.05 million.

Metropolitan Bank Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on MCB shares. UBS Group cut their price target on Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods reduced their target price on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Wall Street Zen downgraded shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Metropolitan Bank in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $105.00.

Insiders Place Their Bets

In other Metropolitan Bank news, CFO Daniel F. Dougherty bought 1,000 shares of Metropolitan Bank stock in a transaction dated Thursday, July 23rd. The stock was bought at an average price of $89.98 per share, with a total value of $89,980.00. Following the completion of the transaction, the chief financial officer owned 33,197 shares in the company, valued at $2,987,066.06. The trade was a 3.11% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Dale C. Fredston sold 2,000 shares of the company’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 completion of the transaction, the director owned 14,668 shares in the company, valued at $1,306,772.12. This trade represents a 12.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Metropolitan Bank

A number of hedge funds have recently bought and sold shares of the business. SummerHaven Investment Management LLC acquired a new stake in Metropolitan Bank in the 3rd quarter worth about $1,548,000. Integrated Wealth Concepts LLC bought a new stake in Metropolitan Bank in the 2nd quarter valued at about $33,000. Arizona State Retirement System grew its position in shares of Metropolitan Bank by 24.3% during the 2nd quarter. Arizona State Retirement System now owns 2,992 shares of the company’s stock worth $295,000 after purchasing an additional 584 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Metropolitan Bank during the 2nd quarter worth approximately $5,052,000. Finally, Bank of America Corp DE bought a new position in shares of Metropolitan Bank during the second quarter worth approximately $6,372,000. 79.83% of the stock is owned by institutional investors.

Metropolitan Bank Price Performance

The company’s fifty day moving average price is $89.89 and its 200 day moving average price is $91.44. The company has a market capitalization of $1.12 billion, a P/E ratio of 11.49 and a beta of 1.03. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.02.

About Metropolitan Bank

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.