Assenagon Asset Management S.A. Trims Position in Metropolitan Bank Holding Corp. (NYSE:MCB)

Assenagon Asset Management S.A. trimmed its holdings in shares of Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) by 19.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,031 shares of the company's stock after selling 13,615 shares during the period. Assenagon Asset Management S.A. owned approximately 0.52% of Metropolitan Bank worth $3,249,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Picton Mahoney Asset Management lifted its position in Metropolitan Bank by 46.9% during the fourth quarter. Picton Mahoney Asset Management now owns 504 shares of the company's stock valued at $30,000 after purchasing an additional 161 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Metropolitan Bank by 3.1% during the 4th 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 last quarter. GAMMA Investing LLC lifted its holdings in shares of Metropolitan Bank by 289.5% in the 1st quarter. GAMMA Investing LLC now owns 596 shares of the company's stock valued at $33,000 after buying an additional 443 shares during the period. Alliancebernstein L.P. boosted its stake in shares of Metropolitan Bank by 1.0% in the fourth quarter. Alliancebernstein L.P. now owns 53,617 shares of the company's stock worth $3,131,000 after buying an additional 508 shares during the last quarter. Finally, Barclays PLC grew its holdings in Metropolitan Bank by 2.4% during the fourth quarter. Barclays PLC now owns 24,013 shares of the company's stock worth $1,401,000 after acquiring an additional 552 shares during the period. Institutional investors and hedge funds own 79.83% of the company's stock.

Insider Activity

In related news, SVP Norman Scott sold 3,293 shares of Metropolitan Bank stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $60.57, for a total value of $199,457.01. Following the sale, the senior vice president now directly owns 12,546 shares in the company, valued at approximately $759,911.22. The trade was a 20.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark R. Defazio sold 20,517 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $65.43, for a total transaction of $1,342,427.31. Following the completion of the sale, the chief executive officer now owns 94,185 shares of the company's stock, 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 have sold 53,200 shares of company stock worth $3,455,729 in the last quarter. Corporate insiders own 6.09% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Hovde Group boosted their price target on Metropolitan Bank from $75.00 to $79.00 and gave the company an "outperform" rating in a report on Monday.

Metropolitan Bank Stock Performance

MCB traded up $0.19 on Thursday, reaching $64.74. The stock had a trading volume of 95,610 shares, compared to its average volume of 92,421. The business's 50-day moving average price is $62.39 and its two-hundred day moving average price is $60.41. The company has a market cap of $690.14 million, a P/E ratio of 10.95 and a beta of 1.08. Metropolitan Bank Holding Corp. has a 12-month low of $38.56 and a 12-month high of $69.56. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.24.

Metropolitan Bank (NYSE:MCB - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.61 by ($0.16). Metropolitan Bank had a return on equity of 10.53% and a net margin of 13.49%. The business had revenue of $70.59 million during the quarter, compared to analyst estimates of $67.62 million. During the same period in the previous year, the company posted $1.46 EPS. Sell-side analysts forecast that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current year.

Metropolitan Bank Company 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.