Insider Buying: Metropolitan Bank (NYSE:MCB) CFO Purchases $89,980.00 in Stock

Key Points

• Metropolitan Bank CFO Daniel Dougherty purchased 1,000 shares at $89.98 each, investing $89,980 and increasing his ownership by 3.11% to 33,197 shares.
• The bank’s latest quarterly earnings missed expectations, with EPS of $1.54 versus the $2.30 consensus estimate, while revenue was broadly in line at $93.01 million.
• Metropolitan Bank raised its quarterly dividend to $0.35 from $0.25, implying a 1.5% yield. Analysts maintain a consensus “Buy” rating with a $105 price target, despite some recent target reductions and a downgrade to “Hold.”

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) CFO Daniel Dougherty bought 1,000 shares of the firm's stock in a transaction on Thursday, July 23rd. The stock was acquired at an average price of $89.98 per share, for a total transaction of $89,980.00. Following the transaction, the chief financial officer owned 33,197 shares of the company's stock, valued at approximately $2,987,066.06. The trade was a 3.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Metropolitan Bank Price Performance

MCB stock traded up $0.78 during trading on Tuesday, reaching $92.00. 79,066 shares of the company were exchanged, compared to its average volume of 160,206. The company has a 50-day moving average of $94.56 and a two-hundred day moving average of $89.59. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 11.65 and a beta of 1.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.99 and a quick ratio of 0.99. Metropolitan Bank Holding Corp. has a twelve month low of $64.66 and a twelve month high of $102.04.

Metropolitan Bank (NYSE:MCB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $1.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.30 by ($0.76). The business had revenue of $93.01 million during the quarter, compared to the consensus estimate of $93.39 million. Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.72%.

Metropolitan Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.5%. This is a boost from Metropolitan Bank's previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Friday, July 31st. Metropolitan Bank's dividend payout ratio (DPR) is currently 17.72%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Metropolitan Bank from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Thursday, July 23rd. Wall Street Zen downgraded shares of Metropolitan Bank from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings upgraded shares of Metropolitan Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 11th. Finally, UBS Group set a $100.00 price target on Metropolitan Bank in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $105.00.

Institutional Trading of Metropolitan Bank

Several institutional investors have recently added to or reduced their stakes in the business. Emerald Advisers LLC bought a new stake in Metropolitan Bank during the 1st quarter valued at $25,000. Royal Bank of Canada raised its stake in Metropolitan Bank by 70.4% in the fourth quarter. Royal Bank of Canada now owns 346 shares of the company's stock worth $27,000 after buying an additional 143 shares in the last quarter. Quarry LP bought a new position in shares of Metropolitan Bank in the 3rd quarter worth approximately $48,000. Kestra Advisory Services LLC purchased a new stake in Metropolitan Bank in the fourth quarter worth $51,000. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Metropolitan Bank by 41.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company's stock valued at $117,000 after buying an additional 490 shares in the last quarter. 79.83% of the stock is currently owned by hedge funds and other institutional investors.

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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