Metropolitan Bank (NYSE:MCB) Shares Gap Down After Earnings Miss

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $55.52, but opened at $53.80. Metropolitan Bank shares last traded at $58.68, with a volume of 25,107 shares traded.

The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.16). The business had revenue of $70.59 million for the quarter, compared to analysts' expectations of $67.62 million. Metropolitan Bank had a net margin of 13.55% and a return on equity of 10.89%. During the same quarter last year, the company posted $1.46 earnings per share.

Analyst Ratings Changes

Separately, Hovde Group boosted their target price on shares of Metropolitan Bank from $75.00 to $83.50 and gave the stock an "outperform" rating in a research report on Monday, January 27th.

Insider Transactions at Metropolitan Bank

In other news, EVP Scott Lublin sold 5,000 shares of Metropolitan Bank stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $54.60, for a total value of $273,000.00. Following the completion of the transaction, the executive vice president now directly owns 49,988 shares of the company's stock, valued at approximately $2,729,344.80. The trade was a 9.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Dale C. Fredston sold 1,000 shares of the stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $62.27, for a total transaction of $62,270.00. Following the sale, the director now owns 17,668 shares in the company, valued at approximately $1,100,186.36. This trade represents a 5.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,088 shares of company stock worth $1,161,791. 6.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Salzhauer Michael boosted its holdings in shares of Metropolitan Bank by 8.3% during the first quarter. Salzhauer Michael now owns 45,171 shares of the company's stock valued at $2,529,000 after acquiring an additional 3,468 shares during the period. SummerHaven Investment Management LLC boosted its stake in Metropolitan Bank by 1.3% during the 1st quarter. SummerHaven Investment Management LLC now owns 17,998 shares of the company's stock valued at $1,008,000 after purchasing an additional 224 shares during the period. GAMMA Investing LLC grew its position in Metropolitan Bank by 289.5% in the 1st quarter. GAMMA Investing LLC now owns 596 shares of the company's stock worth $33,000 after purchasing an additional 443 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Metropolitan Bank in the fourth quarter valued at approximately $12,109,000. Finally, Man Group plc increased its stake in shares of Metropolitan Bank by 44.4% in the fourth quarter. Man Group plc now owns 7,236 shares of the company's stock valued at $423,000 after purchasing an additional 2,226 shares during the period. 79.83% of the stock is currently owned by institutional investors.

Metropolitan Bank Stock Performance

The firm has a market capitalization of $675.26 million, a price-to-earnings ratio of 10.31 and a beta of 0.95. The company has a 50-day moving average price of $55.50 and a 200-day moving average price of $59.19. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.36.

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.