Cubist Systematic Strategies LLC Buys Shares of 10,669 Metropolitan Bank Holding Corp. $MCB

Key Points

• Cubist Systematic Strategies LLC has acquired a new position in Metropolitan Bank Holding Corp., purchasing 10,669 shares valued at approximately $597,000 during the first quarter.
• Metropolitan Bank's recent quarterly earnings surpassed expectations, reporting $1.76 earnings per share and a revenue of $76.27 million.
• The company announced a $50 million share buyback plan and a quarterly dividend of $0.15 per share, indicating potential management confidence in the stock's value.

Cubist Systematic Strategies LLC purchased a new position in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,669 shares of the company's stock, valued at approximately $597,000. Cubist Systematic Strategies LLC owned approximately 0.10% of Metropolitan Bank at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MCB. Jane Street Group LLC grew its stake in shares of Metropolitan Bank by 13.1% in the 4th quarter. Jane Street Group LLC now owns 19,906 shares of the company's stock worth $1,163,000 after purchasing an additional 2,310 shares during the last quarter. Deutsche Bank AG grew its position in Metropolitan Bank by 53.4% in the fourth quarter. Deutsche Bank AG now owns 8,889 shares of the company's stock worth $519,000 after buying an additional 3,093 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in shares of Metropolitan Bank by 2.9% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 57,902 shares of the company's stock valued at $3,381,000 after buying an additional 1,624 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 acquiring an additional 182 shares during the last quarter. Finally, Numerai GP LLC acquired a new stake in shares of Metropolitan Bank during the 4th quarter valued at $540,000. Institutional investors own 79.83% of the company's stock.

Insider Buying and Selling

In other Metropolitan Bank news, Director Dale C. Fredston sold 3,000 shares of Metropolitan Bank stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $78.65, for a total transaction of $235,950.00. Following the completion of the sale, the director owned 14,168 shares of the company's stock, valued at $1,114,313.20. This trade represents a 17.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert C. Patent sold 5,000 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $79.02, for a total transaction of $395,100.00. Following the completion of the transaction, the director directly owned 98,685 shares in the company, valued at $7,798,088.70. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,446 shares of company stock worth $2,787,379. Insiders own 6.09% of the company's stock.

Metropolitan Bank Stock Down 2.6%

Shares of MCB stock traded down $2.06 on Tuesday, reaching $76.93. 217,614 shares of the company's stock traded hands, compared to its average volume of 72,349. The company has a market capitalization of $801.61 million, a P/E ratio of 12.47 and a beta of 1.16. Metropolitan Bank Holding Corp. has a 12-month low of $47.08 and a 12-month high of $81.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98. The business's 50 day moving average price is $74.93 and its two-hundred day moving average price is $65.89.

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

Metropolitan Bank announced that its board has authorized a share buyback program on Thursday, July 17th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Metropolitan Bank Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Metropolitan Bank from $81.00 to $95.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Hovde Group lifted their price target on Metropolitan Bank from $75.00 to $79.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $82.67.

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.