Metropolitan Bank (NYSE:MCB) Sets New 12-Month High - Here's What Happened

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report)'s share price reached a new 52-week high on Monday . The company traded as high as $75.61 and last traded at $75.58, with a volume of 127761 shares changing hands. The stock had previously closed at $73.39.

Analyst Upgrades and Downgrades

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

Metropolitan Bank Stock Performance

The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average price of $67.11 and a two-hundred day moving average price of $61.31. The company has a market cap of $805.67 million, a P/E ratio of 12.79 and a beta of 1.08.

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

Insiders Place Their Bets

In other Metropolitan Bank news, CEO Mark R. Defazio sold 20,517 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $65.43, for a total value of $1,342,427.31. Following the completion of the transaction, the chief executive officer owned 94,185 shares in the company, valued at approximately $6,162,524.55. This represents a 17.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark R. Defazio sold 23,114 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $65.43, for a total value of $1,512,349.02. Following the completion of the transaction, the chief executive officer directly owned 94,185 shares in the company, valued at $6,162,524.55. This trade represents a 19.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 61,450 shares of company stock valued at $4,005,911 over the last quarter. Insiders own 6.09% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Royce & Associates LP grew its position in shares of Metropolitan Bank by 749.4% in the 1st quarter. Royce & Associates LP now owns 316,191 shares of the company's stock worth $17,704,000 after buying an additional 278,966 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of Metropolitan Bank in the first quarter valued at about $12,602,000. Wellington Management Group LLP purchased a new stake in shares of Metropolitan Bank during the fourth quarter worth $12,109,000. Nuveen LLC purchased a new stake in shares of Metropolitan Bank in the first quarter valued at approximately $10,206,000. Finally, JPMorgan Chase & Co. increased its stake in Metropolitan Bank by 1,726.5% during the fourth quarter. JPMorgan Chase & Co. now owns 149,280 shares of the company's stock worth $8,718,000 after acquiring an additional 141,107 shares during the last quarter. 79.83% of the stock is owned by hedge funds and other institutional investors.

About Metropolitan Bank

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.