American Century Companies Inc. Has $15.26 Million Stock Holdings 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. raised its position in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) by 11.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 272,605 shares of the company's stock after purchasing an additional 27,014 shares during the period. American Century Companies Inc. owned approximately 2.56% of Metropolitan Bank worth $15,263,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in Metropolitan Bank by 289.5% in the first quarter. GAMMA Investing LLC now owns 596 shares of the company's stock valued at $33,000 after purchasing an additional 443 shares in the last quarter. Avalon Trust Co bought a new stake in Metropolitan Bank in the first quarter valued at approximately $84,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Metropolitan Bank by 3.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,020 shares of the company's stock valued at $352,000 after buying an additional 182 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Metropolitan Bank in the first quarter valued at approximately $352,000. Finally, MetLife Investment Management LLC boosted its holdings in shares of Metropolitan Bank by 9.8% in the fourth quarter. MetLife Investment Management LLC now owns 6,239 shares of the company's stock valued at $364,000 after buying an additional 556 shares during the period. Institutional investors own 79.83% of the company's stock.

Wall Street Analysts Forecast Growth

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

Metropolitan Bank Stock Up 0.1%

MCB traded up $0.08 during trading hours on Friday, hitting $79.49. 57,642 shares of the company's stock were exchanged, compared to its average volume of 61,817. Metropolitan Bank Holding Corp. has a 1-year low of $47.08 and a 1-year high of $80.46. The stock's 50-day moving average is $73.15 and its two-hundred day moving average is $64.38. The stock has a market cap of $828.32 million, a price-to-earnings ratio of 12.88 and a beta of 1.13. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23.

Metropolitan Bank (NYSE:MCB - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.62 by $0.14. Metropolitan Bank had a net margin of 13.68% and a return on equity of 10.69%. The business had revenue of $76.27 million during the quarter, compared to analysts' expectations of $72.50 million. During the same quarter in the prior year, the company posted $1.50 earnings per share. Sell-side analysts predict 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 announced a quarterly dividend, which was paid on Monday, August 11th. Investors of record on Monday, July 28th were issued a dividend of $0.15 per share. The ex-dividend date was Monday, July 28th. This represents a $0.60 annualized dividend and a yield of 0.8%. Metropolitan Bank's dividend payout ratio is presently 9.72%.

Metropolitan Bank announced that its Board of Directors has approved a share repurchase plan on Thursday, July 17th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Metropolitan Bank

In other Metropolitan Bank news, CEO Mark R. Defazio sold 23,114 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $65.43, for a total value of $1,512,349.02. Following the completion of the sale, the chief executive officer owned 94,185 shares in the company, valued at $6,162,524.55. This trade represents a 19.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Lublin sold 5,000 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $78.64, for a total transaction of $393,200.00. Following the completion of the sale, the executive vice president owned 46,179 shares of the company's stock, valued at approximately $3,631,516.56. This represents a 9.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 78,077 shares of company stock valued at $5,406,205 in the last three months. 6.09% of the stock is currently owned by 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.