Metropolitan Bank (NYSE:MCB) Reaches New 1-Year High - What's Next?

Key Points

• Metropolitan Bank shares hit a new 52-week high of $100.53, reflecting recent momentum in the stock as it traded above its prior close.
• Analyst sentiment is broadly positive, with a consensus Buy rating and an average target price of $103; several firms recently raised targets or upgraded the stock.
• The bank posted strong quarterly results, earning $2.92 per share versus the $2.19 estimate, and also raised its quarterly dividend to $0.25 from $0.20.

Shares of Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $100.53 and last traded at $100.62, with a volume of 11315 shares. The stock had previously closed at $98.76.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. UBS Group initiated coverage on shares of Metropolitan Bank in a report on Thursday, April 16th. They set a "neutral" rating and a $97.00 price objective on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Metropolitan Bank from $105.00 to $109.00 and gave the stock an "outperform" rating in a research report on Thursday, April 23rd. Wall Street Zen upgraded shares of Metropolitan Bank from a "hold" rating to a "buy" rating in a research note on Saturday, April 4th. Finally, Weiss Ratings raised shares of Metropolitan Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Metropolitan Bank has a consensus rating of "Buy" and an average target price of $103.00.

Metropolitan Bank Stock Up 1.9%

The company has a debt-to-equity ratio of 0.02, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 12.39 and a beta of 1.01. The business has a fifty day moving average price of $91.55 and a two-hundred day moving average price of $87.20.

Metropolitan Bank (NYSE:MCB - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $2.92 earnings per share for the quarter, topping the consensus estimate of $2.19 by $0.73. Metropolitan Bank had a net margin of 15.89% and a return on equity of 10.95%. The company had revenue of $88.49 million for the quarter, compared to the consensus estimate of $87.33 million.

Metropolitan Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Friday, May 1st were paid a $0.25 dividend. The ex-dividend date was Friday, May 1st. This is an increase from Metropolitan Bank's previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Metropolitan Bank's dividend payout ratio (DPR) is currently 12.32%.

Insider Buying and Selling at Metropolitan Bank

In related news, Director Harvey Gutman sold 3,000 shares of the firm's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $89.58, for a total transaction of $268,740.00. Following the completion of the transaction, the director owned 18,243 shares of the company's stock, valued at $1,634,207.94. This trade represents a 14.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert C. Patent sold 10,000 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $96.41, for a total transaction of $964,100.00. Following the completion of the sale, the director directly owned 86,185 shares in the company, valued at approximately $8,309,095.85. The trade was a 10.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 18,000 shares of company stock valued at $1,683,890. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Metropolitan Bank

A number of hedge funds have recently modified their holdings of the stock. Emerald Advisers LLC purchased a new position in Metropolitan Bank during the first quarter valued at approximately $25,000. Royal Bank of Canada boosted its position in Metropolitan Bank by 70.4% in the 4th quarter. Royal Bank of Canada now owns 346 shares of the company's stock worth $27,000 after purchasing an additional 143 shares in the last quarter. Quarry LP acquired a new stake in shares of Metropolitan Bank during the 3rd quarter worth approximately $48,000. Kestra Advisory Services LLC acquired a new stake in shares of Metropolitan Bank during the 4th quarter worth approximately $51,000. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Metropolitan Bank by 41.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company's stock valued at $117,000 after purchasing an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 79.83% of the company's stock.

About Metropolitan Bank

Metropolitan Bank NYSE: MCB, through its principal subsidiary Metropolitan Commercial Bank, operates as a New York–based regional financial institution providing a range of commercial and consumer banking services. The company offers deposit products including checking, savings and money market accounts, as well as business and personal certificates of deposit. On the lending side, Metropolitan Bank extends commercial real estate financing, equipment loans, working capital lines of credit and consumer installment loans tailored to the needs of small- and medium-sized enterprises and individual customers.

In addition to traditional deposit and lending services, Metropolitan Bank provides specialized treasury and cash-management solutions, foreign exchange services and letters of credit for both domestic businesses and multinational clients.

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