Metropolitan Bank's (MCB) "Hold (C+)" Rating Reaffirmed at Weiss Ratings

Key Points

• Metropolitan Bank's stock retains a "Hold (C+)" rating from Weiss Ratings, indicating stable performance as analysts issue mixed reviews.
• The bank reported earnings per share (EPS) of $1.76 for the last quarter, surpassing estimates and reflecting strong revenue growth.
• The Board of Directors approved a $50 million stock repurchase plan, suggesting confidence in the bank's stock valuation by its leadership.

Metropolitan Bank (NYSE:MCB - Get Free Report)'s stock had its "hold (c+)" rating restated by equities research analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

A number of other analysts have also issued reports on MCB. Zacks Research lowered shares of Metropolitan Bank from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 16th. Hovde Group raised their price objective on shares of Metropolitan Bank from $75.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday, June 16th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Metropolitan Bank from $81.00 to $95.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $82.67.

Metropolitan Bank Price Performance

NYSE MCB opened at $75.34 on Wednesday. The company has a 50 day simple moving average of $75.52 and a 200-day simple moving average of $68.12. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $785.04 million, a price-to-earnings ratio of 12.21 and a beta of 1.11. Metropolitan Bank has a 52-week low of $47.08 and a 52-week high of $81.33.

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 analysts' consensus estimates of $1.62 by $0.14. The business had revenue of $76.27 million during the quarter, compared to analyst estimates of $72.50 million. Metropolitan Bank had a net margin of 13.68% and a return on equity of 10.69%. During the same period in the prior year, the firm earned $1.50 earnings per share. Equities research analysts predict that Metropolitan Bank will post 7.31 earnings per share for the current fiscal year.

Metropolitan Bank declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 17th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Metropolitan Bank

In other Metropolitan Bank news, Director Harvey Gutman sold 1,400 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $78.41, for a total transaction of $109,774.00. Following the transaction, the director owned 18,743 shares in the company, valued at $1,469,638.63. This trade represents a 6.95% 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, Director Robert C. Patent sold 5,000 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $78.40, for a total value of $392,000.00. Following the transaction, the director owned 108,685 shares in the company, valued at approximately $8,520,904. This trade represents a 4.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,446 shares of company stock valued at $2,336,534. 6.09% of the stock is owned by company insiders.

Hedge Funds Weigh In On Metropolitan Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MCB. GAMMA Investing LLC increased its position in Metropolitan Bank by 289.5% during the first quarter. GAMMA Investing LLC now owns 596 shares of the company's stock worth $33,000 after acquiring an additional 443 shares during the period. Avalon Trust Co bought a new position in Metropolitan Bank during the first quarter worth $84,000. Tower Research Capital LLC TRC increased its position in Metropolitan Bank by 41.5% during the second quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company's stock worth $117,000 after acquiring an additional 490 shares during the period. EP Wealth Advisors LLC bought a new position in Metropolitan Bank during the second quarter worth $208,000. Finally, Strs Ohio bought a new position in Metropolitan Bank during the first quarter worth $218,000. Institutional investors and hedge funds own 79.83% of the company's stock.

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.

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