Metropolitan Bank (NYSE:MCB) Hits New 12-Month High - Here's Why

Shares of Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as $69.99 and last traded at $69.25, with a volume of 4236 shares trading hands. The stock had previously closed at $69.33.

Analyst Upgrades and Downgrades

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

Metropolitan Bank Trading Up 0.2%

The firm has a market cap of $748.87 million, a price-to-earnings ratio of 11.89 and a beta of 1.08. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.24. The firm's 50-day moving average is $64.56 and its 200-day moving average is $60.43.

Metropolitan Bank (NYSE:MCB - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The company reported $1.45 EPS for the quarter, missing analysts' consensus estimates 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 return on equity of 10.53% and a net margin of 13.49%. During the same period in the previous year, the business earned $1.46 earnings per share. As a group, sell-side analysts anticipate that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Scott Lublin sold 5,000 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $65.03, for a total value of $325,150.00. Following the transaction, the executive vice president owned 51,179 shares of the company's stock, valued at $3,328,170.37. This trade represents a 8.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Dixiana M. Berrios sold 6,250 shares of the stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $64.00, for a total transaction of $400,000.00. Following the transaction, the chief operating officer directly owned 13,606 shares of the company's stock, valued at $870,784. This trade represents a 31.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 60,200 shares of company stock valued at $3,912,099 in the last ninety days. Corporate insiders own 6.09% of the company's stock.

Hedge Funds Weigh In On Metropolitan Bank

Several hedge funds and other institutional investors have recently modified their holdings of MCB. Proficio Capital Partners LLC purchased a new stake in Metropolitan Bank in the 4th quarter worth $1,405,000. Charles Schwab Investment Management Inc. raised its stake in shares of Metropolitan Bank by 2.0% in the fourth 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. increased its position in shares of Metropolitan Bank by 68.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,819 shares of the company's stock valued at $807,000 after purchasing an additional 5,624 shares during the last quarter. Picton Mahoney Asset Management raised its position 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 worth $30,000 after acquiring an additional 161 shares in the last quarter. Finally, Royce & Associates LP acquired a new stake in shares of Metropolitan Bank during the fourth quarter worth about $2,174,000. 79.83% of the stock is owned by hedge funds and other institutional investors.

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.