Jump Financial LLC Has $751,000 Stock Position in Metropolitan Bank Holding Corp. $MCB

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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Newport Trust Company LLC lifted its stake in shares of Metropolitan Bank by 7.5% during the first quarter. Newport Trust Company LLC now owns 9,707 shares of the company's stock valued at $544,000 after buying an additional 679 shares during the period. Wellington Management Group LLP raised its stake in Metropolitan Bank by 13.1% during the first quarter. Wellington Management Group LLP now owns 234,439 shares of the company's stock worth $13,126,000 after purchasing an additional 27,088 shares during the period. American Century Companies Inc. boosted its holdings in shares of Metropolitan Bank by 11.0% in the 1st quarter. American Century Companies Inc. now owns 272,605 shares of the company's stock valued at $15,263,000 after purchasing an additional 27,014 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Metropolitan Bank by 18.9% during the 1st quarter. Russell Investments Group Ltd. now owns 134,211 shares of the company's stock valued at $7,514,000 after buying an additional 21,376 shares during the period. Finally, Nuveen LLC acquired a new stake in Metropolitan Bank during the first quarter worth about $10,206,000. Hedge funds and other institutional investors own 79.83% of the company's stock.

Wall Street Analysts Forecast Growth

MCB has been the topic of several research reports. Keefe, Bruyette & Woods raised their price target on shares of Metropolitan Bank from $81.00 to $95.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Hovde Group lifted their target price on shares of Metropolitan Bank from $75.00 to $79.00 and gave the company an "outperform" rating in a report on Monday, June 16th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Metropolitan Bank has an average rating of "Buy" and an average target price of $82.67.

Metropolitan Bank Stock Up 0.9%

Shares of MCB traded up $0.73 during midday trading on Thursday, hitting $79.22. The company had a trading volume of 16,359 shares, compared to its average volume of 96,047. 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 Holding Corp. has a 52 week low of $47.08 and a 52 week high of $80.46. The company's 50 day moving average price is $73.83 and its 200 day moving average price is $64.71. The stock has a market cap of $825.55 million, a price-to-earnings ratio of 12.85 and a beta of 1.16.

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

Metropolitan Bank Dividend Announcement

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

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

Insider Activity at Metropolitan Bank

In other news, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $75.05, for a total transaction of $93,812.50. Following the sale, the executive vice president directly owned 29,589 shares in the company, valued at approximately $2,220,654.45. This represents a 4.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert C. Patent sold 5,000 shares of the firm's stock in a transaction that occurred 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 position. The disclosure for this sale can be found here. Insiders sold 78,077 shares of company stock valued at $5,406,205 in the last ninety days. 6.09% of the stock is owned by insiders.

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.