Hovde Group Issues Positive Forecast for Metropolitan Bank (NYSE:MCB) Stock Price

Metropolitan Bank (NYSE:MCB - Free Report) had its price target hoisted by Hovde Group from $75.00 to $79.00 in a research note released on Monday, MarketBeat.com reports. The brokerage currently has an outperform rating on the stock.

Metropolitan Bank Price Performance

Shares of NYSE MCB traded up $0.19 during trading on Monday, hitting $64.74. The company had a trading volume of 95,610 shares, compared to its average volume of 92,421. The company has a market cap of $690.14 million, a P/E ratio of 10.95 and a beta of 1.08. Metropolitan Bank has a 52 week low of $38.56 and a 52 week high of $69.56. The business's 50-day moving average is $62.39 and its 200 day moving average is $60.41. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.98 and a current ratio of 0.98.

Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.16). The company had revenue of $70.59 million during the quarter, compared to the consensus estimate of $67.62 million. Metropolitan Bank had a net margin of 13.49% and a return on equity of 10.53%. During the same period in the prior year, the company posted $1.46 EPS. Equities research analysts predict that Metropolitan Bank will post 7.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Metropolitan Bank

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

Institutional Trading of Metropolitan Bank

Several large investors have recently added to or reduced their stakes in MCB. Proficio Capital Partners LLC purchased a new position in shares of Metropolitan Bank during the 4th quarter valued at $1,405,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Metropolitan Bank by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 30,348 shares of the company's stock valued at $1,772,000 after acquiring an additional 595 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Metropolitan Bank by 68.6% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,819 shares of the company's stock valued at $807,000 after acquiring an additional 5,624 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in shares of Metropolitan Bank by 46.9% during the 4th quarter. Picton Mahoney Asset Management now owns 504 shares of the company's stock valued at $30,000 after acquiring an additional 161 shares in the last quarter. Finally, Royce & Associates LP purchased a new position in shares of Metropolitan Bank during the 4th quarter valued at $2,174,000. 79.83% of the stock is owned by institutional investors and hedge funds.

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.