Philadelphia Financial Management of San Francisco LLC Purchases New Position in Metropolitan Bank Holding Corp. $MCB

Key Points

• Philadelphia Financial Management of San Francisco LLC invested $12.60 million in Metropolitan Bank Holding Corp. by acquiring 225,072 shares, making it the 17th largest holding in their portfolio.
• Several hedge funds, including Vanguard Group Inc. and Royce & Associates LP, have recently increased their stakes in Metropolitan Bank, reflecting strong institutional interest.
• The stock received an upgraded price objective from research firms, with a consensus rating of "Buy" and a price target of $82.67, indicating positive analyst sentiment towards the bank's performance.

Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 225,072 shares of the company's stock, valued at approximately $12,602,000. Metropolitan Bank accounts for approximately 2.5% of Philadelphia Financial Management of San Francisco LLC's portfolio, making the stock its 17th biggest holding. Philadelphia Financial Management of San Francisco LLC owned 2.11% of Metropolitan Bank at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Metropolitan Bank by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 669,219 shares of the company's stock worth $37,470,000 after purchasing an additional 23,859 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Metropolitan Bank by 8.2% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 328,774 shares of the company's stock worth $18,408,000 after purchasing an additional 24,982 shares in the last quarter. Royce & Associates LP raised its stake in shares of Metropolitan Bank by 749.4% during the 1st quarter. Royce & Associates LP now owns 316,191 shares of the company's stock worth $17,704,000 after purchasing an additional 278,966 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Metropolitan Bank by 11.0% during the 1st quarter. American Century Companies Inc. now owns 272,605 shares of the company's stock worth $15,263,000 after purchasing an additional 27,014 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Metropolitan Bank by 13.1% during the 1st 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 in the last quarter. 79.83% of the stock is owned by hedge funds and other institutional investors.

Metropolitan Bank Stock Performance

MCB traded down $0.21 during midday trading on Thursday, reaching $77.82. The company's stock had a trading volume of 113,009 shares, compared to its average volume of 95,452. The stock has a market cap of $810.83 million, a P/E ratio of 12.61 and a beta of 1.16. The company has a fifty day simple moving average of $74.64 and a 200 day simple moving average of $65.33. 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 Holding Corp. has a twelve month low of $47.08 and a twelve month high of $81.33.

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, topping 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 company had revenue of $76.27 million for the quarter, compared to analyst estimates of $72.50 million. During the same quarter last year, the firm earned $1.50 EPS. Research analysts expect that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current year.

Metropolitan Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 11th. Stockholders of record on Monday, July 28th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, July 28th. Metropolitan Bank's dividend payout ratio (DPR) is presently 9.72%.

Metropolitan Bank announced that its Board of Directors has approved a stock buyback plan on Thursday, July 17th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Hovde Group raised their price objective on 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 raised their price objective on Metropolitan Bank from $81.00 to $95.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $82.67.

Insider Activity at Metropolitan Bank

In other news, Director Dale C. Fredston sold 3,000 shares of Metropolitan Bank stock in a transaction that occurred on Wednesday, September 3rd. The stock was 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. This trade represents a 17.47% 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 Harvey Gutman sold 1,400 shares of Metropolitan Bank stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $78.41, for a total value of $109,774.00. Following the sale, the director directly owned 18,743 shares in the company, valued at $1,469,638.63. The trade was a 6.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,446 shares of company stock worth $2,787,379 in the last three months. Company 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.