Quantbot Technologies LP Makes New Investment in Metropolitan Bank Holding Corp. $MCB

Key Points

• Quantbot Technologies initiated a Metropolitan Bank stake of 11,943 shares valued at approximately $1.18 million. Institutional investors collectively own 79.83% of the company, with BlackRock also establishing a sizable new position.
• Analyst sentiment remains generally positive, with an average “Buy” rating and a $105 price target, although UBS and Keefe, Bruyette & Woods recently lowered their targets. Insiders have sold nearly 29,900 shares over the past three months.
• Metropolitan Bank reported quarterly EPS of $1.54, missing estimates of $2.30, while revenue was roughly in line at $93.01 million. The company increased its quarterly dividend to $0.35 per share, implying a 1.5% annualized yield.

Quantbot Technologies LP purchased a new stake in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 11,943 shares of the company's stock, valued at approximately $1,179,000. Quantbot Technologies LP owned 0.10% of Metropolitan Bank at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Metropolitan Bank in the 2nd quarter valued at about $119,413,000. Adage Capital Partners GP L.L.C. increased its position in Metropolitan Bank by 114.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 559,479 shares of the company's stock worth $42,722,000 after purchasing an additional 299,061 shares in the last quarter. Wellington Management Group LLP increased its position in Metropolitan Bank by 66.6% during the 4th quarter. Wellington Management Group LLP now owns 592,799 shares of the company's stock worth $45,266,000 after purchasing an additional 236,946 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Metropolitan Bank in the second quarter valued at approximately $19,295,000. Finally, Bank of America Corp DE raised its holdings in Metropolitan Bank by 611.9% in the first quarter. Bank of America Corp DE now owns 141,613 shares of the company's stock valued at $11,795,000 after buying an additional 121,721 shares during the period. Institutional investors and hedge funds own 79.83% of the company's stock.

Insider Activity

In related news, Director Robert C. Patent sold 10,000 shares of Metropolitan Bank stock in a transaction on Monday, August 10th. The shares were sold at an average price of $92.29, for a total transaction of $922,900.00. Following the sale, the director owned 76,185 shares of the company's stock, valued at $7,031,113.65. The trade was a 11.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Nick Rosenberg sold 1,807 shares of the business's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $100.42, for a total transaction of $181,458.94. Following the completion of the transaction, the executive vice president owned 22,202 shares in the company, valued at $2,229,524.84. This represents a 7.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 29,897 shares of company stock valued at $2,797,252. 5.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on MCB. Wall Street Zen downgraded shares of Metropolitan Bank from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Weiss Ratings reissued a "buy (b)" rating on shares of Metropolitan Bank in a research note on Friday, August 7th. Keefe, Bruyette & Woods reduced their target price on shares of Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. Finally, UBS Group decreased their price target on shares of 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 research 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's stock. According to data from MarketBeat.com, Metropolitan Bank currently has an average rating of "Buy" and an average price target of $105.00.

Metropolitan Bank Stock Performance

Shares of NYSE:MCB opened at $91.07 on Wednesday. The company has a market cap of $1.13 billion, a P/E ratio of 11.53 and a beta of 0.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.97 and a current ratio of 0.97. Metropolitan Bank Holding Corp. has a one year low of $64.66 and a one year high of $102.04. The business's 50-day simple moving average is $95.05 and its 200 day simple moving average is $90.54.

Metropolitan Bank (NYSE:MCB - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The company reported $1.54 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.76). The company had revenue of $93.01 million for the quarter, compared to analyst estimates 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 company also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st were given a dividend of $0.35 per share. 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.5%. Metropolitan Bank's dividend payout ratio is presently 17.72%.

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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