Metropolitan Bank Holding Corp. $MCB Stock Position Raised by Algert Global LLC

Key Points

• Algert Global increased its Metropolitan Bank stake by 152.2% in the second quarter, bringing its holdings to 81,373 shares worth approximately $8.0 million. Institutional investors and hedge funds collectively own 79.83% of the company.
• Metropolitan Bank reported quarterly EPS of $1.54, missing the $2.30 consensus estimate, while revenue of $93.01 million was roughly in line with expectations. The stock opened at $91.24, compared with an average analyst price target of $105.
• The company raised its quarterly dividend to $0.35 per share, or $1.40 annually, resulting in a 1.5% yield. Analyst sentiment remains generally positive, with an overall “Buy” rating, although some firms recently lowered their price targets or downgraded the stock.

Algert Global LLC raised its stake in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) by 152.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 81,373 shares of the company's stock after buying an additional 49,103 shares during the quarter. Algert Global LLC owned approximately 0.66% of Metropolitan Bank worth $8,036,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in MCB. Emerald Advisers LLC bought a new position in Metropolitan Bank in the 1st quarter valued at about $25,000. Royal Bank of Canada boosted its stake in Metropolitan Bank by 70.4% during the fourth quarter. Royal Bank of Canada now owns 346 shares of the company's stock valued at $27,000 after buying an additional 143 shares in the last quarter. Quarry LP acquired a new position in Metropolitan Bank during the third quarter worth about $48,000. Kestra Advisory Services LLC bought a new stake in Metropolitan Bank in the fourth quarter worth about $51,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Metropolitan Bank by 41.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company's stock valued at $117,000 after purchasing an additional 490 shares in the last quarter. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Metropolitan Bank Price Performance

Shares of NYSE:MCB opened at $91.24 on Thursday. The business has a 50-day moving average of $95.01 and a two-hundred day moving average of $90.52. 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 Holding Corp. has a fifty-two week low of $64.66 and a fifty-two week high of $102.04. The stock has a market capitalization of $1.13 billion, a P/E ratio of 11.55 and a beta of 0.99.

Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.76). The firm had revenue of $93.01 million for 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 business also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st were given a $0.35 dividend. The ex-dividend date was Friday, July 31st. This represents a $1.40 annualized dividend and a yield of 1.5%. This is a positive change from Metropolitan Bank's previous quarterly dividend of $0.25. Metropolitan Bank's dividend payout ratio (DPR) is 17.72%.

Insider Activity at Metropolitan Bank

In related news, Director Harvey Gutman sold 3,000 shares of the business's stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $89.58, for a total transaction of $268,740.00. Following the transaction, the director directly owned 18,243 shares in the company, valued at $1,634,207.94. The trade was a 14.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel F. Dougherty purchased 1,000 shares of the business's stock in a transaction on Thursday, July 23rd. The stock was purchased at an average cost of $89.98 per share, with a total value of $89,980.00. Following the acquisition, the chief financial officer owned 33,197 shares in the company, valued at approximately $2,987,066.06. This represents a 3.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have sold 29,897 shares of company stock valued at $2,797,252. Company insiders own 5.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Metropolitan Bank in a research report on Friday, August 7th. Keefe, Bruyette & Woods reduced their price objective on shares of Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating for the company in a research note on Thursday, July 23rd. Wall Street Zen downgraded shares of Metropolitan Bank from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, UBS Group decreased their target price on Metropolitan Bank from $110.00 to $100.00 and set a "neutral" rating for the company in a research report on Tuesday, July 28th. One equities 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 MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $105.00.

Metropolitan Bank Company 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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