Metropolitan Bank (NYSE:MCB) Sets New 12-Month High – Time to Buy?

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

Analyst Ratings Changes

MCB has been the subject of several recent research reports. Hovde Group began coverage on Metropolitan Bank in a research report on Thursday, September 19th. They set an “outperform” rating and a $65.50 price target for the company. JPMorgan Chase & Co. lifted their price objective on Metropolitan Bank from $55.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $67.50 target price (up from $55.00) on shares of Metropolitan Bank in a report on Tuesday, July 23rd.

Metropolitan Bank Trading Up 2.4 %

The business has a 50 day simple moving average of $51.00 and a two-hundred day simple moving average of $45.57. The company has a current ratio of 0.99, a quick 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 earnings results on Thursday, July 18th. The company reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.07). The business had revenue of $121.90 million for the quarter, compared to analysts’ expectations of $68.02 million. Metropolitan Bank had a return on equity of 10.47% and a net margin of 15.22%. During the same quarter last year, the company posted $1.37 earnings per share. On average, 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, CEO Mark R. Defazio sold 34,986 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $55.34, for a total value of $1,936,125.24. Following the completion of the sale, the chief executive officer now directly owns 181,208 shares in the company, valued at approximately $10,028,050.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Metropolitan Bank news, CEO Mark R. Defazio sold 34,986 shares of Metropolitan Bank stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $55.34, for a total value of $1,936,125.24. Following the transaction, the chief executive officer now owns 181,208 shares in the company, valued at $10,028,050.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Lublin sold 1,005 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $55.11, for a total value of $55,385.55. Following the sale, the executive vice president now owns 57,077 shares of the company’s stock, valued at approximately $3,145,513.47. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,241 shares of company stock worth $2,060,436 in the last three months. Company insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Metropolitan Bank

A number of large investors have recently modified their holdings of MCB. Millennium Management LLC acquired a new stake in Metropolitan Bank during the 2nd quarter worth approximately $4,991,000. Price T Rowe Associates Inc. MD purchased a new stake in Metropolitan Bank during the first quarter worth approximately $1,876,000. Empowered Funds LLC acquired a new stake in shares of Metropolitan Bank in the first quarter worth $1,303,000. Marshall Wace LLP raised its stake in shares of Metropolitan Bank by 193.1% in the 2nd quarter. Marshall Wace LLP now owns 50,350 shares of the company’s stock valued at $2,119,000 after acquiring an additional 33,171 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of Metropolitan Bank by 21.1% during the 2nd quarter. American Century Companies Inc. now owns 186,440 shares of the company’s stock valued at $7,847,000 after acquiring an additional 32,491 shares in the last quarter. 79.83% of the stock is currently owned by hedge funds and other institutional investors.

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.