Wellington Management Group LLP Has $13.13 Million Stock Holdings in Metropolitan Bank Holding Corp. $MCB

Key Points

• Wellington Management Group LLP increased its stake in Metropolitan Bank Holding Corp. by 13.1% during the 1st quarter, owning 234,439 shares worth approximately $13.1 million after acquiring additional shares.
• The company reported earnings of $1.76 per share, surpassing analysts' expectations of $1.62, with total revenue of $76.27 million for the quarter.
• Metropolitan Bank announced a $50 million stock buyback program and declared a quarterly dividend of $0.15 per share, reflecting a 0.8% dividend yield.

Wellington Management Group LLP increased its position in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) by 13.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 234,439 shares of the company's stock after purchasing an additional 27,088 shares during the quarter. Wellington Management Group LLP owned approximately 2.20% of Metropolitan Bank worth $13,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Metropolitan Bank by 289.5% in the 1st quarter. GAMMA Investing LLC now owns 596 shares of the company's stock valued at $33,000 after purchasing an additional 443 shares during the period. Avalon Trust Co bought a new stake in shares of Metropolitan Bank in the 1st quarter valued at about $84,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Metropolitan Bank by 3.1% in the 4th 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. MetLife Investment Management LLC raised its holdings in shares of Metropolitan Bank by 9.8% in the 4th 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. Finally, Mackenzie Financial Corp acquired a new position in Metropolitan Bank in the 1st quarter valued at about $352,000. 79.83% of the stock is owned by institutional investors.

Metropolitan Bank Stock Performance

Shares of NYSE:MCB traded down $0.46 on Tuesday, reaching $78.93. 50,054 shares of the company's stock were exchanged, compared to its average volume of 55,031. The company has a fifty day moving average of $73.61 and a 200-day moving average of $64.62. Metropolitan Bank Holding Corp. has a twelve month low of $47.08 and a twelve month high of $80.46. The company has a market capitalization of $822.45 million, a price-to-earnings ratio of 12.79 and a beta of 1.16. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23.

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

Metropolitan Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 11th. Shareholders of record on Monday, July 28th were given a dividend of $0.15 per share. 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 dividend payout ratio is presently 9.72%.

Metropolitan Bank announced that its board has initiated a stock buyback program on Thursday, July 17th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MCB. Hovde Group upped their price target 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. Keefe, Bruyette & Woods upped their price target 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. Three research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $82.67.

Insider Activity

In other Metropolitan Bank news, Director Robert C. Patent sold 5,000 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $78.40, for a total transaction of $392,000.00. Following the transaction, the director owned 108,685 shares in the company, valued at $8,520,904. This represents a 4.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Terence J. Mitchell sold 4,796 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $72.44, for a total transaction of $347,422.24. Following the transaction, the director owned 13,230 shares in the company, valued at approximately $958,381.20. The trade was a 26.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,077 shares of company stock worth $5,406,205. Insiders own 6.09% of the company's stock.

Metropolitan Bank Company 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.