Strs Ohio Takes Position in Metropolitan Bank Holding Corp. $MCB

Strs Ohio acquired a new stake in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,900 shares of the company's stock, valued at approximately $218,000.

Several other large investors have also made changes to their positions in MCB. Royce & Associates LP lifted its position in shares of Metropolitan Bank by 749.4% in the first quarter. Royce & Associates LP now owns 316,191 shares of the company's stock valued at $17,704,000 after acquiring an additional 278,966 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of Metropolitan Bank in the first quarter worth about $12,602,000. Wellington Management Group LLP bought a new stake in shares of Metropolitan Bank in the fourth quarter worth about $12,109,000. Nuveen LLC bought a new stake in shares of Metropolitan Bank in the first quarter worth about $10,206,000. Finally, Invesco Ltd. increased its holdings in shares of Metropolitan Bank by 145.1% in the first quarter. Invesco Ltd. now owns 71,207 shares of the company's stock worth $3,987,000 after purchasing an additional 42,156 shares during the last quarter. 79.83% of the stock is currently owned by hedge funds and other institutional investors.

Metropolitan Bank Stock Down 0.6%

Shares of NYSE:MCB opened at $76.86 on Thursday. Metropolitan Bank Holding Corp. has a 1 year low of $47.08 and a 1 year high of $81.33. The business has a 50 day simple moving average of $75.44 and a two-hundred day simple moving average of $66.67. The firm has a market capitalization of $800.83 million, a PE ratio of 12.46 and a beta of 1.16. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.

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, beating 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 business had revenue of $76.27 million during the quarter, compared to analyst estimates of $72.50 million. During the same quarter in the previous year, the business earned $1.50 earnings per share. On average, equities analysts predict that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current 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 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Monday, July 28th. Metropolitan Bank's payout ratio is 9.72%.

Metropolitan Bank announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 17th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Metropolitan Bank

In related news, Director Terence J. Mitchell sold 4,796 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $72.44, for a total value of $347,422.24. Following the completion of the sale, the director owned 13,230 shares in the company, valued at approximately $958,381.20. The trade was a 26.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert C. Patent sold 5,000 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $78.40, for a total value of $392,000.00. Following the completion of the sale, the director owned 108,685 shares of the company's stock, valued at $8,520,904. The trade was a 4.40% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,696 shares of company stock valued at $2,430,346. 6.09% of the stock is owned by company insiders.

Metropolitan Bank 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.

Want to see what other hedge funds are holding MCB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.