Metropolitan Bank (NYSE:MCB) Director Robert Patent Sells 10,000 Shares of Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 10,000 shares of Metropolitan Bank stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $92.29, for a total transaction of $922,900.00. Following the transaction, the director directly owned 76,185 shares of the company’s stock, valued at approximately $7,031,113.65. This trade represents a 11.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Metropolitan Bank Trading Up 2.1%

NYSE:MCB opened at $94.91 on Thursday. The firm has a market capitalization of $1.18 billion, a P/E ratio of 12.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.97 and a quick ratio of 0.97. Metropolitan Bank Holding Corp. has a one year low of $64.66 and a one year high of $102.04. The company’s 50-day simple moving average is $95.32 and its 200 day simple moving average is $90.51.

Metropolitan Bank (NYSE:MCB) last announced its earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.76). Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The business had revenue of $93.01 million for the quarter, compared to the consensus estimate of $93.39 million.

Metropolitan Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Friday, July 31st were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Friday, July 31st. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.25. Metropolitan Bank’s dividend payout ratio (DPR) is currently 17.72%.

Institutional Investors Weigh In On Metropolitan Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in Metropolitan Bank by 11.7% in the 1st quarter. Royal Bank of Canada now owns 7,429 shares of the company’s stock worth $416,000 after acquiring an additional 778 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Metropolitan Bank by 3.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock valued at $350,000 after purchasing an additional 237 shares during the last quarter. Empowered Funds LLC boosted its stake in Metropolitan Bank by 5.3% during the 1st quarter. Empowered Funds LLC now owns 42,268 shares of the company’s stock valued at $2,367,000 after purchasing an additional 2,126 shares during the last quarter. Quantbot Technologies LP increased its holdings in shares of Metropolitan Bank by 39.2% in the 2nd quarter. Quantbot Technologies LP now owns 6,074 shares of the company’s stock worth $425,000 after purchasing an additional 1,709 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Metropolitan Bank by 854.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 41,747 shares of the company’s stock worth $2,922,000 after purchasing an additional 37,374 shares during the last quarter. Institutional investors own 79.83% of the company’s stock.

Analyst Ratings Changes

MCB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lowered their price objective on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. UBS Group cut their target price on Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 28th. Weiss Ratings restated a “buy (b)” rating on shares of Metropolitan Bank in a report on Friday, August 7th. Finally, Wall Street Zen lowered Metropolitan Bank from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $105.00.

About Metropolitan Bank

Metropolitan Bank (NYSE:MCB), through its principal subsidiary Metropolitan Commercial Bank, operates as a New York–based regional financial institution providing a range of commercial and consumer banking services. The company offers deposit products including checking, savings and money market accounts, as well as business and personal certificates of deposit. On the lending side, Metropolitan Bank extends commercial real estate financing, equipment loans, working capital lines of credit and consumer installment loans tailored to the needs of small- and medium-sized enterprises and individual customers.

In addition to traditional deposit and lending services, Metropolitan Bank provides specialized treasury and cash-management solutions, foreign exchange services and letters of credit for both domestic businesses and multinational clients.