Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $75.61 and last traded at $75.58, with a volume of 127761 shares trading hands. The stock had previously closed at $73.39.
Analyst Upgrades and Downgrades
Separately, Hovde Group raised their price target on Metropolitan Bank from $75.00 to $79.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th.
Get Our Latest Research Report on MCB
Metropolitan Bank Price Performance
The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market capitalization of $819.25 million, a P/E ratio of 13.00 and a beta of 1.08. The company has a 50-day moving average price of $67.97 and a 200-day moving average price of $61.73.
Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The company reported $1.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.14. Metropolitan Bank had a return on equity of 10.53% and a net margin of 13.49%. During the same period last year, the company posted $1.50 EPS. On average, sell-side analysts predict that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current year.
Metropolitan Bank Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, July 28th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 0.78%.
Metropolitan Bank declared that its board has authorized a stock buyback program on Thursday, July 17th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.
Insider Activity
In other Metropolitan Bank news, EVP Scott Lublin sold 5,000 shares of Metropolitan Bank stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $65.03, for a total transaction of $325,150.00. Following the transaction, the executive vice president directly owned 51,179 shares in the company, valued at approximately $3,328,170.37. The trade was a 8.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Dixiana M. Berrios sold 6,250 shares of Metropolitan Bank stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $64.00, for a total value of $400,000.00. Following the transaction, the chief operating officer owned 13,606 shares in the company, valued at approximately $870,784. This represents a 31.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,450 shares of company stock valued at $4,005,911. Company insiders own 6.09% of the company's stock.
Institutional Trading of Metropolitan Bank
A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Metropolitan Bank by 3.7% in the first quarter. Vanguard Group Inc. now owns 669,219 shares of the company's stock valued at $37,470,000 after purchasing an additional 23,859 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Metropolitan Bank by 8.2% in the first quarter. Adage Capital Partners GP L.L.C. now owns 328,774 shares of the company's stock valued at $18,408,000 after purchasing an additional 24,982 shares in the last quarter. Royce & Associates LP lifted its holdings in shares of Metropolitan Bank by 749.4% in the first quarter. Royce & Associates LP now owns 316,191 shares of the company's stock valued at $17,704,000 after purchasing an additional 278,966 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Metropolitan Bank by 16.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 291,235 shares of the company's stock valued at $17,008,000 after purchasing an additional 41,449 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Metropolitan Bank by 11.0% in the first quarter. American Century Companies Inc. now owns 272,605 shares of the company's stock valued at $15,263,000 after purchasing an additional 27,014 shares in the last quarter. 79.83% of the stock is currently owned by institutional investors.
Metropolitan Bank Company Profile
(
Get Free Report)
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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