Metropolitan Bank (NYSE:MCB) Releases Quarterly Earnings Results, Beats Expectations By $0.39 EPS

Metropolitan Bank (NYSE:MCB) announced its quarterly earnings results on Thursday. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.39, Zacks reports. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%.

Metropolitan Bank Trading Up 0.7 %

Shares of MCB stock traded up $0.42 during trading hours on Thursday, hitting $60.77. 110,194 shares of the company were exchanged, compared to its average volume of 85,239. The company has a 50 day simple moving average of $62.03 and a two-hundred day simple moving average of $55.66. The firm has a market cap of $680.58 million, a P/E ratio of 11.42 and a beta of 1.17. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.00. Metropolitan Bank has a fifty-two week low of $32.46 and a fifty-two week high of $69.56.

Analysts Set New Price Targets

MCB has been the subject of several research reports. Piper Sandler lifted their price target on Metropolitan Bank from $67.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Hovde Group raised their price target on shares of Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insiders Place Their Bets

In other Metropolitan Bank news, EVP Scott Lublin sold 3,000 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $58.77, for a total transaction of $176,310.00. Following the completion of the sale, the executive vice president now owns 52,253 shares in the company, valued at approximately $3,070,908.81. The trade was a 5.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Nick Rosenberg sold 1,250 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $65.17, for a total transaction of $81,462.50. Following the completion of the transaction, the executive vice president now directly owns 30,193 shares in the company, valued at $1,967,677.81. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,250 shares of company stock worth $313,093. 6.50% of the stock is currently owned by company insiders.

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.