Bank of New York Mellon Corp Acquires New Holdings in Metropolitan Bank Holding Corp. $MCB

Key Points

• Bank of New York Mellon acquired 195,372 shares of Metropolitan Bank, valued at approximately $19.3 million, giving it a 1.58% stake. Institutional investors and hedge funds collectively own 79.83% of the company.
• Metropolitan Bank reported quarterly EPS of $1.54, missing analysts’ $2.30 estimate, while revenue of $93.01 million was roughly in line with expectations. Shares opened at $90.94, down 0.9%.
• The company increased its quarterly dividend from $0.25 to $0.35, representing an annualized payout of $1.40 and a 1.5% yield. Analysts maintain a consensus “Buy” rating with a $105 price target, despite some recent target-price reductions.

Bank of New York Mellon Corp bought a new position in shares of Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 195,372 shares of the company's stock, valued at approximately $19,295,000. Bank of New York Mellon Corp owned 1.58% of Metropolitan Bank at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Adage Capital Partners GP L.L.C. increased its position in shares of Metropolitan Bank by 114.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 559,479 shares of the company's stock worth $42,722,000 after purchasing an additional 299,061 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Metropolitan Bank by 66.6% in the 4th quarter. Wellington Management Group LLP now owns 592,799 shares of the company's stock valued at $45,266,000 after purchasing an additional 236,946 shares during the period. Bank of America Corp DE boosted its position in shares of Metropolitan Bank by 611.9% in the 1st quarter. Bank of America Corp DE now owns 141,613 shares of the company's stock valued at $11,795,000 after purchasing an additional 121,721 shares during the period. UBS Group AG boosted its position in shares of Metropolitan Bank by 363.5% in the 4th quarter. UBS Group AG now owns 64,832 shares of the company's stock valued at $4,951,000 after purchasing an additional 50,844 shares during the period. Finally, Millennium Management LLC grew its stake in Metropolitan Bank by 418.5% during the 3rd quarter. Millennium Management LLC now owns 47,455 shares of the company's stock worth $3,551,000 after buying an additional 38,302 shares during the last quarter. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Robert C. Patent sold 10,000 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $92.29, for a total transaction of $922,900.00. Following the sale, the director owned 76,185 shares of the company's stock, valued at approximately $7,031,113.65. The trade was a 11.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Nick Rosenberg sold 1,807 shares of the company's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $100.42, for a total transaction of $181,458.94. Following the transaction, the executive vice president owned 22,202 shares in the company, valued at $2,229,524.84. The trade was a 7.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 26,897 shares of company stock worth $2,528,512. Corporate insiders own 5.50% of the company's stock.

Metropolitan Bank Stock Down 0.9%

Shares of NYSE:MCB opened at $90.94 on Tuesday. Metropolitan Bank Holding Corp. has a fifty-two week low of $64.66 and a fifty-two week high of $102.04. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.02. The firm's 50-day simple moving average is $94.86 and its 200-day simple moving average is $90.43. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 11.51 and a beta of 0.99.

Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.76). The firm had revenue of $93.01 million for the quarter, compared to analysts' expectations of $93.39 million. Metropolitan Bank had a return on equity of 10.22% and a net margin of 14.31%.

Metropolitan Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.5%. This is an increase from Metropolitan Bank's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, July 31st. Metropolitan Bank's dividend payout ratio is 17.72%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Metropolitan Bank in a research report on Friday, August 7th. Keefe, Bruyette & Woods reduced their target price on shares of Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Thursday, July 23rd. Wall Street Zen downgraded shares of Metropolitan Bank from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, UBS Group lowered their price target on Metropolitan Bank from $110.00 to $100.00 and set a "neutral" rating on the stock in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $105.00.

Metropolitan Bank Company Profile

Metropolitan Bank NYSE: MCB, through its principal subsidiary Metropolitan Commercial Bank, operates as a New York–based regional financial institution providing a range of commercial and consumer banking services. The company offers deposit products including checking, savings and money market accounts, as well as business and personal certificates of deposit. On the lending side, Metropolitan Bank extends commercial real estate financing, equipment loans, working capital lines of credit and consumer installment loans tailored to the needs of small- and medium-sized enterprises and individual customers.

In addition to traditional deposit and lending services, Metropolitan Bank provides specialized treasury and cash-management solutions, foreign exchange services and letters of credit for both domestic businesses and multinational clients.

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