Man Group plc acquired a new stake in shares of Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 14,601 shares of the company's stock, valued at approximately $1,442,000. Man Group plc owned approximately 0.12% of Metropolitan Bank as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Emerald Advisers LLC bought a new stake in Metropolitan Bank during the 1st quarter worth approximately $25,000. Royal Bank of Canada raised its position in shares of Metropolitan Bank by 70.4% during the 4th quarter. Royal Bank of Canada now owns 346 shares of the company's stock valued at $27,000 after purchasing an additional 143 shares during the period. Quarry LP purchased a new position in shares of Metropolitan Bank during the 3rd quarter valued at $48,000. Kestra Advisory Services LLC bought a new position in Metropolitan Bank in the 4th quarter worth $51,000. Finally, Tower Research Capital LLC TRC increased its stake in Metropolitan Bank by 41.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company's stock worth $117,000 after buying an additional 490 shares in the last quarter. 79.83% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on MCB shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Metropolitan Bank in a research note on Friday, August 7th. Wall Street Zen downgraded Metropolitan Bank from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. UBS Group cut their price objective on shares of Metropolitan Bank from $110.00 to $100.00 and set a "neutral" rating for the company in a report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating for the company in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Metropolitan Bank presently has an average rating of "Buy" and an average price target of $105.00.
Read Our Latest Stock Analysis on MCB
Insiders Place Their Bets
In other Metropolitan Bank news, CFO Daniel F. Dougherty bought 1,000 shares of the firm's stock in a transaction dated Thursday, July 23rd. The shares were purchased at an average cost of $89.98 per share, for a total transaction of $89,980.00. Following the transaction, the chief financial officer owned 33,197 shares of the company's stock, valued at $2,987,066.06. This represents a 3.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert C. Patent sold 10,000 shares of the 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 completion of the transaction, the director directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 21,897 shares of company stock valued at $2,077,462 in the last three months. Corporate insiders own 5.50% of the company's stock.
Metropolitan Bank Stock Up 2.4%
Shares of MCB opened at $91.67 on Thursday. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of 11.60 and a beta of 0.97. Metropolitan Bank Holding Corp. has a 1 year low of $64.66 and a 1 year high of $102.04. The business's 50 day simple moving average is $94.59 and its 200-day simple moving average is $90.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.97 and a quick ratio of 0.97.
Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its 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). Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The business had revenue of $93.01 million during the quarter, compared to analysts' expectations of $93.39 million.
Metropolitan Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, July 31st. This is an increase from Metropolitan Bank's previous quarterly dividend of $0.25. Metropolitan Bank's dividend payout ratio is 17.72%.
Metropolitan Bank Company Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding MCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report).
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