Sheets Smith Wealth Management Makes New $533,000 Investment in Metropolitan Bank Holding Corp. $MCB

Sheets Smith Wealth Management bought a new stake in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,618 shares of the company's stock, valued at approximately $533,000. Sheets Smith Wealth Management owned approximately 0.07% of Metropolitan Bank as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of MCB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Metropolitan Bank by 3.1% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,020 shares of the company's stock valued at $352,000 after buying an additional 182 shares during the last quarter. SummerHaven Investment Management LLC increased its position in Metropolitan Bank by 1.3% in the 1st quarter. SummerHaven Investment Management LLC now owns 17,998 shares of the company's stock valued at $1,008,000 after acquiring an additional 224 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Metropolitan Bank by 289.5% during the first 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 last quarter. Newport Trust Company LLC grew its stake in shares of Metropolitan Bank by 7.5% during the first quarter. Newport Trust Company LLC now owns 9,707 shares of the company's stock valued at $544,000 after purchasing an additional 679 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Metropolitan Bank by 11.7% during the first quarter. Royal Bank of Canada now owns 7,429 shares of the company's stock valued at $416,000 after purchasing an additional 778 shares during the last quarter. Institutional investors and hedge funds own 79.83% of the company's stock.

Metropolitan Bank Price Performance

Shares of MCB stock opened at $76.86 on Thursday. The firm has a fifty day moving average of $75.44 and a 200-day moving average of $66.67. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $800.91 million, a price-to-earnings ratio of 12.46 and a beta of 1.16. Metropolitan Bank Holding Corp. has a 12-month low of $47.08 and a 12-month high of $81.33.

Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its earnings results 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. The firm had revenue of $76.27 million for the quarter, compared to analyst estimates of $72.50 million. Metropolitan Bank had a return on equity of 10.69% and a net margin of 13.68%.During the same period in the previous year, the company posted $1.50 earnings per share. On average, equities research analysts forecast that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current year.

Metropolitan Bank announced that its Board of Directors has approved a share buyback program on Thursday, July 17th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Metropolitan Bank Announces Dividend

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

Insider Buying and Selling

In related news, Director Robert C. Patent sold 5,000 shares of Metropolitan Bank stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $78.40, for a total value of $392,000.00. Following the sale, the director owned 108,685 shares of the company's stock, valued at approximately $8,520,904. This trade represents a 4.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dale C. Fredston sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $78.65, for a total value of $235,950.00. Following the transaction, the director directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 31,696 shares of company stock valued at $2,430,346. 6.09% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on MCB. Keefe, Bruyette & Woods upped their price objective on Metropolitan Bank from $81.00 to $95.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Zacks Research lowered shares of Metropolitan Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Finally, Hovde Group upped their target price on shares of Metropolitan Bank from $75.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Metropolitan Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $82.67.

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.

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