Metropolitan Bank Holding Corp. Declares Quarterly Dividend of $0.15 (NYSE:MCB)

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) announced a quarterly dividend on Thursday, July 17th, RTT News reports. Stockholders of record on Monday, July 28th will be paid a dividend of 0.15 per share on Monday, August 11th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Monday, July 28th.

Metropolitan Bank Price Performance

NYSE:MCB traded up $0.05 during mid-day trading on Monday, reaching $78.01. The stock had a trading volume of 198,960 shares, compared to its average volume of 94,305. Metropolitan Bank has a 12 month low of $40.21 and a 12 month high of $80.20. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $831.58 million, a PE ratio of 12.64 and a beta of 1.08. The stock has a 50-day simple moving average of $68.43 and a two-hundred day simple moving average of $62.04.

Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.62 by $0.14. The company had revenue of $76.27 million during the quarter, compared to the consensus estimate of $72.50 million. Metropolitan Bank had a net margin of 13.68% and a return on equity of 10.67%. During the same period in the previous year, the firm posted $1.50 earnings per share. On average, equities analysts anticipate that Metropolitan Bank will post 7.31 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MCB. Hovde Group boosted their price target on shares of Metropolitan Bank from $75.00 to $79.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. Keefe, Bruyette & Woods upped their price objective on shares of Metropolitan Bank from $81.00 to $95.00 and gave the stock an "outperform" rating in a research note on Monday.

Metropolitan Bank announced that its board has approved a stock buyback program on Thursday, July 17th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Transactions at Metropolitan Bank

In other news, CEO Mark R. Defazio sold 20,517 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $65.43, for a total value of $1,342,427.31. Following the transaction, the chief executive officer owned 94,185 shares of the company's stock, valued at approximately $6,162,524.55. The trade was a 17.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert C. Patent sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $65.61, for a total value of $131,220.00. Following the completion of the transaction, the director directly owned 79,183 shares in the company, valued at approximately $5,195,196.63. The trade was a 2.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 61,450 shares of company stock valued at $4,005,911 over the last quarter. Insiders own 6.09% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC lifted its position in Metropolitan Bank by 5.3% during the first quarter. Empowered Funds LLC now owns 42,268 shares of the company's stock worth $2,367,000 after buying an additional 2,126 shares during the period. Royal Bank of Canada lifted its position in Metropolitan Bank by 11.7% during the first quarter. Royal Bank of Canada now owns 7,429 shares of the company's stock worth $416,000 after buying an additional 778 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Metropolitan Bank by 3.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company's stock worth $350,000 after buying an additional 237 shares during the period. Institutional investors and hedge funds own 79.83% 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.