Metropolitan Bank (NYSE:MCB) Research Coverage Started at Hovde Group

Hovde Group started coverage on shares of Metropolitan Bank (NYSE:MCB) in a research note released on Thursday morning, MarketBeat.com reports. The firm issued an outperform rating and a $65.50 price objective on the stock.

MCB has been the subject of a number of other research reports. JPMorgan Chase & Co. increased their target price on Metropolitan Bank from $55.00 to $70.00 and gave the company an overweight rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $67.50 price objective (up previously from $55.00) on shares of Metropolitan Bank in a research report on Tuesday, July 23rd.

Metropolitan Bank Stock Down 3.6 %

MCB stock opened at $52.42 on Thursday. The company has a 50 day moving average price of $50.22 and a two-hundred day moving average price of $43.63. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $586.74 million, a P/E ratio of 8.62 and a beta of 1.13. Metropolitan Bank has a one year low of $30.20 and a one year high of $57.69.

Metropolitan Bank (NYSE:MCB) last posted its quarterly earnings results on Thursday, July 18th. The company reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.07). Metropolitan Bank had a return on equity of 10.47% and a net margin of 15.22%. The company had revenue of $121.90 million for the quarter, compared to analysts’ expectations of $68.02 million. During the same period in the prior year, the business earned $1.37 EPS. As a group, sell-side analysts expect that Metropolitan Bank will post 6.03 EPS for the current year.

Insider Transactions at Metropolitan Bank

In related news, EVP Scott Lublin sold 1,005 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $55.11, for a total value of $55,385.55. Following the completion of the sale, the executive vice president now directly owns 57,077 shares of the company’s stock, valued at $3,145,513.47. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Mark R. Defazio sold 34,986 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.34, for a total transaction of $1,936,125.24. Following the completion of the transaction, the chief executive officer now owns 181,208 shares in the company, valued at $10,028,050.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Lublin sold 1,005 shares of Metropolitan Bank stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $55.11, for a total value of $55,385.55. Following the sale, the executive vice president now directly owns 57,077 shares in the company, valued at approximately $3,145,513.47. The disclosure for this sale can be found here. Insiders own 6.50% of the company’s stock.

Institutional Trading of Metropolitan Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Banc Funds Co. LLC boosted its position in shares of Metropolitan Bank by 1.3% in the 4th quarter. Banc Funds Co. LLC now owns 235,664 shares of the company’s stock valued at $13,051,000 after purchasing an additional 3,000 shares during the period. Basswood Capital Management L.L.C. increased its position in shares of Metropolitan Bank by 226.5% in the fourth quarter. Basswood Capital Management L.L.C. now owns 159,279 shares of the company’s stock worth $8,821,000 after acquiring an additional 110,493 shares in the last quarter. Ranger Investment Management L.P. raised its holdings in shares of Metropolitan Bank by 4.0% during the fourth quarter. Ranger Investment Management L.P. now owns 146,578 shares of the company’s stock valued at $8,117,000 after acquiring an additional 5,575 shares during the period. Cox Capital Mgt LLC lifted its position in shares of Metropolitan Bank by 11.9% in the 1st quarter. Cox Capital Mgt LLC now owns 11,395 shares of the company’s stock valued at $439,000 after acquiring an additional 1,214 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Metropolitan Bank in the 1st quarter worth approximately $103,000. Institutional investors own 79.83% of the company’s stock.

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.