Metropolitan Bank (NYSE:MCB) EVP Nick Rosenberg Sells 625 Shares

Key Points

• Nick Rosenberg, EVP of Metropolitan Bank, sold 625 shares at an average price of $72.47, reducing his ownership by 2.21%, leaving him with 27,714 shares valued at approximately $2 million.
• Metropolitan Bank recently announced a $50 million share repurchase plan, indicating that the company's board believes its shares are undervalued.
• The bank declared a quarterly dividend of $0.15 per share, set to be paid on November 14th, representing a 0.8% dividend yield.

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) EVP Nick Rosenberg sold 625 shares of the firm's stock in a transaction on Friday, October 17th. The shares were sold at an average price of $72.47, for a total transaction of $45,293.75. Following the completion of the transaction, the executive vice president directly owned 27,714 shares in the company, valued at $2,008,433.58. This trade represents a 2.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Nick Rosenberg also recently made the following trade(s):

• On Wednesday, September 17th, Nick Rosenberg sold 1,250 shares of Metropolitan Bank stock. The shares were sold at an average price of $79.47, for a total transaction of $99,337.50.

Metropolitan Bank Stock Up 2.4%

Shares of Metropolitan Bank stock traded up $1.78 during trading hours on Tuesday, reaching $77.43. The company's stock had a trading volume of 141,174 shares, compared to its average volume of 97,414. Metropolitan Bank Holding Corp. has a one year low of $47.08 and a one year high of $81.33. The company has a market capitalization of $806.81 million, a P/E ratio of 12.55 and a beta of 1.11. The stock's fifty day simple moving average is $76.59 and its two-hundred day simple moving average is $69.48. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.98 and a current ratio of 0.98.

Metropolitan Bank declared that its board has authorized a share repurchase plan on Thursday, July 17th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Metropolitan Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Thursday, October 30th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, October 30th. Metropolitan Bank's dividend payout ratio (DPR) is presently 9.72%.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCB. Weiss Ratings reissued a "hold (c+)" rating on shares of Metropolitan Bank in a research report on Wednesday, October 8th. Zacks Research downgraded shares of Metropolitan Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Metropolitan Bank from $81.00 to $95.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Metropolitan Bank currently has an average rating of "Moderate Buy" and an average target price of $82.67.

Hedge Funds Weigh In On Metropolitan Bank

Several large investors have recently modified their holdings of MCB. GAMMA Investing LLC increased its stake in shares of Metropolitan Bank by 289.5% in the first quarter. GAMMA Investing LLC now owns 596 shares of the company's stock worth $33,000 after purchasing an additional 443 shares in the last quarter. Salzhauer Michael increased its stake in shares of Metropolitan Bank by 8.3% in the first quarter. Salzhauer Michael now owns 45,171 shares of the company's stock worth $2,529,000 after purchasing an additional 3,468 shares in the last quarter. Sippican Capital Advisors increased its stake in shares of Metropolitan Bank by 31.8% in the first quarter. Sippican Capital Advisors now owns 24,121 shares of the company's stock worth $1,351,000 after purchasing an additional 5,825 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Metropolitan Bank in the first quarter worth about $986,000. Finally, Royce & Associates LP increased its stake 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 worth $17,704,000 after purchasing an additional 278,966 shares in the last quarter. Hedge funds and other institutional investors own 79.83% of the company's stock.

About Metropolitan Bank

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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