Metropolitan Bank (NYSE:MCB) Releases Quarterly Earnings Results, Misses Expectations By $0.73 EPS

Key Points

• Metropolitan Bank reported quarterly EPS of $1.54, coming in well below analyst expectations of $2.27. Revenue was $93.01 million, slightly under the $93.39 million consensus estimate.
• The stock traded up 0.4% to $98.92 on the news, with a market cap of $1.23 billion. The shares have a 52-week range of $64.66 to $102.04.
• The company raised its quarterly dividend to $0.35 per share from $0.25, implying an annualized payout of $1.40 and a yield of 1.4%.

Metropolitan Bank (NYSE:MCB - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.27 by ($0.73), FiscalAI reports. The company had revenue of $93.01 million for the quarter, compared to the consensus estimate of $93.39 million. Metropolitan Bank had a net margin of 15.89% and a return on equity of 10.95%.

Metropolitan Bank Trading Up 0.4%

MCB traded up $0.37 during trading on Tuesday, reaching $98.92. The company had a trading volume of 188,906 shares, compared to its average volume of 157,296. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.02. The business has a 50 day simple moving average of $94.06 and a 200-day simple moving average of $89.06. The stock has a market cap of $1.23 billion, a P/E ratio of 12.18 and a beta of 1.00. Metropolitan Bank has a 52 week low of $64.66 and a 52 week high of $102.04.

Metropolitan Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Friday, July 31st will be given a $0.35 dividend. This is a boost from Metropolitan Bank's previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, July 31st. Metropolitan Bank's dividend payout ratio is 12.32%.

Insider Transactions at Metropolitan Bank

In related news, Director Harvey Gutman sold 3,000 shares of Metropolitan Bank stock in a transaction dated 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 directly owned 18,243 shares of the company's stock, valued at approximately $1,634,207.94. The trade was a 14.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert C. Patent sold 10,000 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $96.41, for a total transaction of $964,100.00. Following the transaction, the director owned 86,185 shares in the company, valued at $8,309,095.85. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 19,897 shares of company stock worth $1,874,352. 5.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in Metropolitan Bank by 70.4% in the fourth quarter. Royal Bank of Canada now owns 346 shares of the company's stock worth $27,000 after acquiring an additional 143 shares during the period. Bridgeway Capital Management LLC increased its position in Metropolitan Bank by 0.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 69,851 shares of the company's stock valued at $5,226,000 after purchasing an additional 182 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Metropolitan Bank by 3.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company's stock valued at $350,000 after purchasing an additional 237 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of Metropolitan Bank by 7.7% in the 2nd quarter. Lazard Asset Management LLC now owns 5,671 shares of the company's stock valued at $396,000 after purchasing an additional 407 shares in the last quarter. Finally, Mariner LLC raised its holdings in shares of Metropolitan Bank by 8.2% in the 4th quarter. Mariner LLC now owns 6,315 shares of the company's stock valued at $482,000 after purchasing an additional 478 shares in the last quarter. Institutional investors own 79.83% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on MCB. Weiss Ratings raised shares of Metropolitan Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 11th. Wall Street Zen upgraded Metropolitan Bank from a "hold" rating to a "buy" rating in a research report on Saturday, April 4th. Keefe, Bruyette & Woods upped their price target on shares of Metropolitan Bank from $105.00 to $109.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Finally, UBS Group started coverage on shares of Metropolitan Bank in a research report on Thursday, April 16th. They set a "neutral" rating and a $97.00 price objective for the company. One 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's stock. According to data from MarketBeat, Metropolitan Bank currently has a consensus rating of "Buy" and a consensus price target of $103.00.

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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