Metropolitan Bank Holding Corp. $MCB Shares Bought by Jump Financial LLC

Key Points

• Jump Financial LLC increased its stake in Metropolitan Bank Holding Corp. by 45.4%, owning 13,405 shares worth $751,000.
• Several analysts have raised their price objectives for Metropolitan Bank, with a consensus target price of $82.67 and an overall "Buy" rating.
• Metropolitan Bank announced a quarterly dividend of $0.15 and has authorized a $50 million stock buyback plan, reflecting confidence in the bank's valuation.

Jump Financial LLC grew its stake in shares of Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) by 45.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,405 shares of the company's stock after purchasing an additional 4,187 shares during the quarter. Jump Financial LLC owned approximately 0.13% of Metropolitan Bank worth $751,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCB. GAMMA Investing LLC grew its position in Metropolitan Bank by 289.5% during the 1st quarter. GAMMA Investing LLC now owns 596 shares of the company's stock worth $33,000 after purchasing an additional 443 shares during the last quarter. Avalon Trust Co acquired a new stake in shares of Metropolitan Bank in the first quarter valued at about $84,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 purchasing an additional 182 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Metropolitan Bank in the first quarter valued at about $352,000. Finally, MetLife Investment Management LLC lifted its stake 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 purchasing an additional 556 shares during the period. 79.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Activity

In other Metropolitan Bank news, Director Robert C. Patent sold 5,000 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $79.02, for a total transaction of $395,100.00. Following the completion of the sale, the director owned 98,685 shares in the company, valued at $7,798,088.70. The trade was a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dale C. Fredston sold 3,000 shares of the business's 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 sale, the director owned 14,168 shares of the company's stock, valued at approximately $1,114,313.20. The trade was a 17.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 81,077 shares of company stock valued at $5,642,155 over the last quarter. 6.09% of the stock is owned by company insiders.

Metropolitan Bank Stock Down 0.5%

Shares of MCB traded down $0.40 during mid-day trading on Friday, reaching $79.61. 15,191 shares of the stock traded hands, compared to its average volume of 95,711. The firm has a market cap of $829.54 million, a price-to-earnings ratio of 12.90 and a beta of 1.16. The stock has a fifty day simple moving average of $74.04 and a 200 day simple moving average of $64.84. Metropolitan Bank Holding Corp. has a 12-month low of $47.08 and a 12-month high of $81.33. 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 posted its quarterly earnings data on Thursday, July 17th. The company reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.14. The company had revenue of $76.27 million for the quarter, compared to analyst estimates of $72.50 million. Metropolitan Bank had a net margin of 13.68% and a return on equity of 10.69%. During the same quarter last year, the firm posted $1.50 earnings per share. Sell-side analysts expect that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current fiscal year.

Metropolitan Bank Dividend Announcement

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

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

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.