Metropolitan Bank (NYSE:MCB) Reaches New 1-Year High – What’s Next?

Metropolitan Bank Holding Corp. (NYSE:MCB)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $57.77 and last traded at $57.67, with a volume of 2573 shares traded. The stock had previously closed at $57.29.

Analyst Ratings Changes

Several research firms recently commented on MCB. JPMorgan Chase & Co. increased their target price on Metropolitan Bank from $55.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $67.50 target price (up previously from $55.00) on shares of Metropolitan Bank in a research report on Tuesday, July 23rd. Finally, Hovde Group began coverage on shares of Metropolitan Bank in a research note on Thursday, September 19th. They issued an “outperform” rating and a $65.50 price target on the stock.

Metropolitan Bank Stock Performance

The firm has a fifty day simple moving average of $51.00 and a 200-day simple moving average of $45.57. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.37. The company has a market cap of $676.28 million, a PE ratio of 9.94 and a beta of 1.13.

Metropolitan Bank (NYSE:MCB) last released its quarterly earnings results on Thursday, July 18th. The company reported $1.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.07). Metropolitan Bank had a return on equity of 10.47% and a net margin of 15.22%. The firm had revenue of $121.90 million for the quarter, compared to analysts’ expectations of $68.02 million. During the same quarter in the prior year, the business earned $1.37 EPS. On average, research analysts forecast that Metropolitan Bank Holding Corp. will post 6.1 EPS for the current fiscal year.

Insider Transactions at Metropolitan Bank

In related news, EVP Scott Lublin sold 1,005 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $55.11, for a total value of $55,385.55. Following the completion of the sale, the executive vice president now owns 57,077 shares in the company, valued at $3,145,513.47. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Lublin sold 1,005 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $55.11, for a total value of $55,385.55. Following the transaction, the executive vice president now owns 57,077 shares in the company, valued at $3,145,513.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $55.14, for a total value of $68,925.00. Following the sale, the executive vice president now directly owns 31,443 shares of the company’s stock, valued at $1,733,767.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,241 shares of company stock worth $2,060,436. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Metropolitan Bank

Several institutional investors have recently bought and sold shares of the company. Cox Capital Mgt LLC boosted its holdings in shares of Metropolitan Bank by 11.9% in the first quarter. Cox Capital Mgt LLC now owns 11,395 shares of the company’s stock valued at $439,000 after acquiring an additional 1,214 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Metropolitan Bank in the 1st quarter valued at approximately $103,000. Principal Financial Group Inc. acquired a new position in Metropolitan Bank during the 1st quarter worth approximately $467,000. BNP Paribas Financial Markets raised its stake in shares of Metropolitan Bank by 17.4% during the 1st quarter. BNP Paribas Financial Markets now owns 45,211 shares of the company’s stock worth $1,741,000 after buying an additional 6,698 shares in the last quarter. Finally, Harbor Advisors LLC lifted its holdings in shares of Metropolitan Bank by 12.1% in the 1st quarter. Harbor Advisors LLC now owns 27,783 shares of the company’s stock valued at $1,070,000 after buying an additional 3,000 shares during the period. 79.83% of the stock is owned by institutional investors and hedge funds.

About Metropolitan Bank

Metropolitan Bank Holding Corp. operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services to small businesses, middle-market enterprises, public entities, and individuals in the New York metropolitan area.