Scott Lublin Sells 5,000 Shares of Metropolitan Bank (NYSE:MCB) Stock

Key Points

• Scott Lublin, EVP of Metropolitan Bank, sold 5,000 shares at an average price of $74.36, which is a 10.83% decrease in his total holdings, now valued at over $3 million.
• Metropolitan Bank announced a quarterly dividend of $0.15, with the ex-dividend date set for October 30th, representing an annualized yield of 0.8%.
• Institutional investors hold 79.83% of Metropolitan Bank's stock, with significant recent acquisitions from Royce & Associates LP and others boosting their positions.

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) EVP Scott Lublin sold 5,000 shares of the stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $74.36, for a total transaction of $371,800.00. Following the transaction, the executive vice president directly owned 41,179 shares of the company's stock, valued at $3,062,070.44. The trade was a 10.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Metropolitan Bank Stock Down 3.0%

Shares of Metropolitan Bank stock traded down $2.31 during trading on Wednesday, hitting $75.06. 113,952 shares of the stock were exchanged, compared to its average volume of 97,496. The stock has a market cap of $782.15 million, a price-to-earnings ratio of 12.16 and a beta of 1.11. The firm's 50-day moving average price is $76.60 and its 200 day moving average price is $69.52. Metropolitan Bank Holding Corp. has a 12-month low of $47.08 and a 12-month high of $81.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.98 and a quick ratio of 0.98.

Metropolitan Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Thursday, October 30th will be paid a $0.15 dividend. The ex-dividend date is Thursday, October 30th. This represents a $0.60 dividend on an annualized basis and a yield of 0.8%. Metropolitan Bank's payout ratio is currently 9.72%.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MCB. Royce & Associates LP boosted its holdings in shares of Metropolitan Bank by 749.4% during the first quarter. Royce & Associates LP now owns 316,191 shares of the company's stock worth $17,704,000 after purchasing an additional 278,966 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new position in Metropolitan Bank during the 1st quarter worth $12,602,000. Nuveen LLC acquired a new position in Metropolitan Bank during the 1st quarter worth $10,206,000. Bank of New York Mellon Corp lifted its position in Metropolitan Bank by 107.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 148,257 shares of the company's stock worth $10,378,000 after acquiring an additional 76,745 shares during the last quarter. Finally, Fourthstone LLC increased its position in Metropolitan Bank by 85.8% during the second quarter. Fourthstone LLC now owns 129,634 shares of the company's stock worth $9,074,000 after acquiring an additional 59,865 shares during the period. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "hold (c+)" rating on shares of Metropolitan Bank in a research note on Wednesday, October 8th. Zacks Research cut Metropolitan Bank from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 16th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Metropolitan Bank from $81.00 to $95.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Metropolitan Bank presently has a consensus rating of "Moderate Buy" and an average price target of $82.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.