Metropolitan Bank (NYSE:MCB) Price Target Raised to $79.00 at Hovde Group

Metropolitan Bank (NYSE:MCB - Get Free Report) had its target price raised by research analysts at Hovde Group from $75.00 to $79.00 in a research note issued to investors on Monday,Briefing.com Automated Import reports. The firm presently has an "outperform" rating on the stock. Hovde Group's price objective would indicate a potential upside of 23.11% from the stock's previous close.

Metropolitan Bank Trading Down 2.8%

Shares of MCB stock opened at $64.17 on Monday. Metropolitan Bank has a 1 year low of $37.10 and a 1 year high of $69.56. The firm has a market capitalization of $684.05 million, a PE ratio of 10.84 and a beta of 1.08. The stock has a fifty day moving average of $61.57 and a two-hundred day moving average of $60.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.00.

Metropolitan Bank (NYSE:MCB - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.61 by ($0.16). The company had revenue of $70.59 million for the quarter, compared to the consensus estimate of $67.62 million. Metropolitan Bank had a net margin of 13.55% and a return on equity of 10.89%. During the same quarter in the prior year, the firm earned $1.46 earnings per share. As a group, research analysts expect that Metropolitan Bank will post 7.31 EPS for the current year.

Insider Activity

In other Metropolitan Bank news, COO Dixiana M. Berrios sold 6,250 shares of the company's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $64.00, for a total value of $400,000.00. Following the completion of the sale, the chief operating officer now directly owns 13,606 shares of the company's stock, valued at approximately $870,784. This represents a 31.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Norman Scott sold 3,293 shares of the firm's stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $60.57, for a total transaction of $199,457.01. Following the transaction, the senior vice president now owns 12,546 shares of the company's stock, valued at approximately $759,911.22. This trade represents a 20.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 53,200 shares of company stock worth $3,455,729 over the last three months. Corporate insiders own 6.09% of the company's stock.

Institutional Trading of Metropolitan Bank

A number of large investors have recently added to or reduced their stakes in MCB. Strs Ohio acquired a new stake in shares of Metropolitan Bank during the 1st quarter valued at $218,000. Empowered Funds LLC increased its stake in Metropolitan Bank by 5.3% in the 1st quarter. Empowered Funds LLC now owns 42,268 shares of the company's stock worth $2,367,000 after purchasing an additional 2,126 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in Metropolitan Bank during the first quarter valued at about $12,602,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Metropolitan Bank by 3.9% in 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. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Metropolitan Bank by 3.4% in the first quarter. Bridgeway Capital Management LLC now owns 65,568 shares of the company's stock worth $3,671,000 after buying an additional 2,126 shares during the period. 79.83% of the stock is currently owned by institutional investors.

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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