Basswood Capital Management L.L.C. Purchases Shares of 210,367 Metropolitan Bank Holding Corp. $MCB

Key Points

• Basswood Capital Management purchased 210,367 shares of Metropolitan Bank Holding, worth approximately $20.8 million, giving it a 1.7% stake. Institutional investors collectively own 79.83% of the company.
• Metropolitan Bank’s latest quarterly results fell short of expectations, with earnings per share of $1.54 versus the $2.30 consensus estimate and revenue of $93.01 million. The company nonetheless increased its quarterly dividend from $0.25 to $0.35 per share, producing a 1.5% yield.
• Analysts maintain a generally positive view, with an average “Buy” rating and a $105 price target, although several firms recently lowered their targets. Insiders have sold 29,897 shares worth approximately $2.8 million over the past 90 days.

Basswood Capital Management L.L.C. purchased a new stake 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 SEC. The institutional investor purchased 210,367 shares of the company's stock, valued at approximately $20,776,000. Basswood Capital Management L.L.C. owned about 1.70% of Metropolitan Bank as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Man Group plc purchased a new position in shares of Metropolitan Bank in the second quarter worth approximately $1,442,000. Jupiter Topco LLC purchased a new stake in Metropolitan Bank during the second quarter valued at approximately $522,000. Canada Pension Plan Investment Board purchased a new stake in Metropolitan Bank during the second quarter valued at approximately $395,000. Legal & General Group Plc bought a new position in Metropolitan Bank in the second quarter worth approximately $965,000. Finally, The Manufacturers Life Insurance Company bought a new position in Metropolitan Bank in the second quarter worth approximately $280,000. Institutional investors own 79.83% of the company's stock.

Metropolitan Bank Price Performance

NYSE MCB opened at $91.24 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. Metropolitan Bank Holding Corp. has a 12 month low of $64.66 and a 12 month high of $102.04. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 11.55 and a beta of 0.99. The company's 50 day moving average is $95.01 and its two-hundred day moving average is $90.52.

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 for the quarter, missing analysts' consensus estimates of $2.30 by ($0.76). The firm had revenue of $93.01 million during the quarter, compared to the consensus estimate 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 company also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Friday, July 31st were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.40 annualized dividend and a yield of 1.5%. This is an increase from Metropolitan Bank's previous quarterly dividend of $0.25. Metropolitan Bank's payout ratio is currently 17.72%.

Insider Activity

In other Metropolitan Bank news, Director Harvey Gutman sold 3,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $89.58, for a total value of $268,740.00. Following the completion of the sale, the director owned 18,243 shares in the company, valued at approximately $1,634,207.94. This represents a 14.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Nick Rosenberg sold 1,807 shares of the firm's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $100.42, for a total value of $181,458.94. Following the sale, the executive vice president directly owned 22,202 shares in the company, valued at approximately $2,229,524.84. This represents a 7.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 29,897 shares of company stock worth $2,797,252. 5.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently 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 decreased their target price on Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. UBS Group lowered their target price on Metropolitan Bank from $110.00 to $100.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 28th. Finally, Wall Street Zen lowered Metropolitan Bank from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $105.00.

Metropolitan Bank 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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