Metropolitan Bank (NYSE:MCB) Issues Quarterly Earnings Results

Metropolitan Bank (NYSE:MCB - Get Free Report) posted its quarterly earnings results on Thursday. The company reported $1.76 EPS for the quarter, topping the consensus estimate of $1.62 by $0.14, Zacks reports. Metropolitan Bank had a net margin of 13.49% and a return on equity of 10.53%.

Metropolitan Bank Stock Up 4.2%

Shares of MCB traded up $3.11 during mid-day trading on Thursday, reaching $76.85. 145,159 shares of the stock traded hands, compared to its average volume of 93,728. The firm has a market cap of $819.25 million, a price-to-earnings ratio of 13.00 and a beta of 1.08. The stock has a fifty day simple moving average of $67.74 and a 200 day simple moving average of $61.60. Metropolitan Bank has a 12-month low of $40.21 and a 12-month high of $77.00. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.24.

Wall Street Analyst Weigh In

Separately, Hovde Group increased their price target on shares of Metropolitan Bank from $75.00 to $79.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th.

Insiders Place Their Bets

In other Metropolitan Bank news, Director Robert C. Patent sold 2,000 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $65.61, for a total transaction of $131,220.00. Following the completion of the sale, the director directly owned 79,183 shares of the company's stock, valued at approximately $5,195,196.63. This represents a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Lublin sold 5,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $65.03, for a total transaction of $325,150.00. Following the completion of the sale, the executive vice president directly owned 51,179 shares of the company's stock, valued at $3,328,170.37. This trade represents a 8.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 61,450 shares of company stock valued at $4,005,911. 6.09% of the stock is owned by insiders.

Hedge Funds Weigh In On Metropolitan Bank

A number of hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC grew its holdings in Metropolitan Bank by 5.3% during the first quarter. Empowered Funds LLC now owns 42,268 shares of the company's stock valued at $2,367,000 after purchasing an additional 2,126 shares during the last quarter. Royal Bank of Canada lifted its holdings 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 acquiring an additional 778 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 valued at $350,000 after acquiring 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.

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