American Century Companies Inc. Grows Stake in Metropolitan Bank Holding Corp. $MCB

Key Points

• American Century Companies Inc. increased its stake in Metropolitan Bank Holding Corp. by 11.0%, owning approximately 2.56% of the company, valued at $15.26 million by the end of the 1st quarter.
• Wall Street analysts show confidence in Metropolitan Bank, with a consensus rating of "Buy" and a target price of $82.67, following recent upgrades from Keefe, Bruyette & Woods and Hovde Group.
• Metropolitan Bank announced a $50 million stock repurchase plan as a sign of management's belief that the stock is undervalued, alongside a quarterly dividend of $0.15 per share.

American Century Companies Inc. grew its holdings in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 272,605 shares of the company's stock after buying an additional 27,014 shares during the quarter. American Century Companies Inc. owned approximately 2.56% of Metropolitan Bank worth $15,263,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Metropolitan Bank by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 669,219 shares of the company's stock valued at $37,470,000 after acquiring an additional 23,859 shares in the last quarter. Royce & Associates LP boosted its position in Metropolitan Bank by 749.4% during the 1st quarter. Royce & Associates LP now owns 316,191 shares of the company's stock valued at $17,704,000 after acquiring an additional 278,966 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Metropolitan Bank by 16.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 291,235 shares of the company's stock valued at $17,008,000 after acquiring an additional 41,449 shares in the last quarter. Wellington Management Group LLP bought a new stake in Metropolitan Bank during the 4th quarter valued at approximately $12,109,000. Finally, Nuveen LLC bought a new stake in Metropolitan Bank during the 1st quarter valued at approximately $10,206,000. 79.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MCB shares. Keefe, Bruyette & Woods lifted their price objective on Metropolitan Bank from $81.00 to $95.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Hovde Group lifted their price objective on Metropolitan Bank from $75.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $82.67.

Insiders Place Their Bets

In related news, CEO Mark R. Defazio sold 23,114 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $65.43, for a total value of $1,512,349.02. Following the transaction, the chief executive officer directly owned 94,185 shares of the company's stock, valued at approximately $6,162,524.55. This represents a 19.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Defazio sold 20,517 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $65.43, for a total value of $1,342,427.31. Following the completion of the transaction, the chief executive officer directly owned 94,185 shares in the company, valued at $6,162,524.55. This trade represents a 17.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 73,077 shares of company stock worth $5,011,105 in the last three months. Corporate insiders own 6.09% of the company's stock.

Metropolitan Bank Stock Performance

Shares of MCB opened at $76.9990 on Monday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The business's 50 day moving average price is $71.76 and its 200-day moving average price is $63.84. Metropolitan Bank Holding Corp. has a 52 week low of $47.08 and a 52 week high of $80.20. The stock has a market cap of $802.33 million, a P/E ratio of 12.48 and a beta of 1.13.

Metropolitan Bank (NYSE:MCB - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The company reported $1.76 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.14. Metropolitan Bank had a return on equity of 10.69% and a net margin of 13.68%.The firm had revenue of $76.27 million for the quarter, compared to analysts' expectations of $72.50 million. During the same period in the previous year, the firm posted $1.50 EPS. Equities research analysts anticipate that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current fiscal year.

Metropolitan Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, July 28th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 28th. This represents a $0.60 annualized dividend and a yield of 0.8%. Metropolitan Bank's dividend payout ratio is 9.72%.

Metropolitan Bank declared that its board has initiated a stock repurchase plan on Thursday, July 17th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Metropolitan Bank Profile

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.

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