Keefe, Bruyette & Woods Issues Positive Forecast for Metropolitan Bank (NYSE:MCB) Stock Price

Metropolitan Bank (NYSE:MCB) had its price target hoisted by equities research analysts at Keefe, Bruyette & Woods from $73.00 to $85.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 31.40% from the stock’s current price.

Separately, Hovde Group upped their price target on shares of Metropolitan Bank from $65.50 to $68.00 and gave the company an “outperform” rating in a research report on Monday, October 21st.

Metropolitan Bank Stock Up 1.1 %

Metropolitan Bank stock traded up $0.70 during mid-day trading on Wednesday, reaching $64.69. The company’s stock had a trading volume of 31,194 shares, compared to its average volume of 93,718. The business’s 50 day simple moving average is $58.62 and its 200 day simple moving average is $50.77. Metropolitan Bank has a 12 month low of $32.46 and a 12 month high of $69.56. The company has a market capitalization of $724.53 million, a price-to-earnings ratio of 12.22 and a beta of 1.16. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.00.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings data on Thursday, October 17th. The company reported $1.86 earnings per share for the quarter, topping the consensus estimate of $1.55 by $0.31. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. The business had revenue of $71.52 million during the quarter, compared to analysts’ expectations of $66.70 million. As a group, research analysts anticipate that Metropolitan Bank will post 6.31 earnings per share for the current year.

Insider Transactions at Metropolitan Bank

In other Metropolitan Bank news, Director Robert C. Patent sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $55.32, for a total transaction of $55,320.00. Following the transaction, the director now directly owns 79,133 shares of the company’s stock, valued at approximately $4,377,637.56. The trade was a 1.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Norman Scott sold 1,473 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $57.92, for a total transaction of $85,316.16. Following the sale, the senior vice president now owns 11,732 shares in the company, valued at approximately $679,517.44. This trade represents a 11.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,973 shares of company stock worth $291,024. 6.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Metropolitan Bank

Institutional investors have recently added to or reduced their stakes in the stock. Basswood Capital Management L.L.C. lifted its position in Metropolitan Bank by 176.8% in the third quarter. Basswood Capital Management L.L.C. now owns 607,805 shares of the company’s stock worth $31,958,000 after buying an additional 388,200 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Metropolitan Bank during the second quarter valued at $4,991,000. Price T Rowe Associates Inc. MD purchased a new position in Metropolitan Bank in the first quarter valued at about $1,876,000. Assenagon Asset Management S.A. boosted its holdings in Metropolitan Bank by 112.4% in the third quarter. Assenagon Asset Management S.A. now owns 89,193 shares of the company’s stock worth $4,690,000 after acquiring an additional 47,193 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in Metropolitan Bank in the third quarter worth about $1,893,000. 79.83% of the stock is owned by hedge funds and other institutional investors.

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.