Metropolitan Bank (NYSE:MCB) Sets New 52-Week High - Here's What Happened

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

Wall Street Analyst Weigh In

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 note on Monday, June 16th.

Metropolitan Bank Price Performance

The stock has a market cap of $740.76 million, a P/E ratio of 11.80 and a beta of 1.08. 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 50-day moving average price of $63.95 and a 200-day moving average price of $60.45.

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

Insider Buying and Selling at Metropolitan Bank

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 transaction of $325,150.00. Following the completion of the transaction, the executive vice president now owns 51,179 shares in the company, valued at $3,328,170.37. This trade represents a 8.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Norman Scott sold 3,293 shares of the firm's stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $60.57, for a total value of $199,457.01. Following the transaction, the senior vice president now owns 12,546 shares of the company's stock, valued at $759,911.22. This represents a 20.79% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 60,200 shares of company stock worth $3,912,099. Insiders own 6.09% of the company's stock.

Institutional Trading of Metropolitan Bank

Several hedge funds and other institutional investors have recently bought and sold shares of MCB. Royce & Associates LP lifted its stake in shares of Metropolitan Bank by 749.4% during the 1st quarter. Royce & Associates LP now owns 316,191 shares of the company's stock worth $17,704,000 after acquiring an additional 278,966 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new stake in Metropolitan Bank in the first quarter worth $12,602,000. Wellington Management Group LLP purchased a new stake in Metropolitan Bank in the fourth quarter worth $12,109,000. Nuveen LLC bought a new stake in shares of Metropolitan Bank during the first quarter worth $10,206,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Metropolitan Bank by 1,726.5% during the fourth quarter. JPMorgan Chase & Co. now owns 149,280 shares of the company's stock valued at $8,718,000 after purchasing an additional 141,107 shares during the period. Hedge funds and other institutional investors own 79.83% of the company's stock.

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.

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