Metropolitan Bank (MCB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Metropolitan Bank (NYSE:MCB) from a sell rating to a hold rating in a research note released on Tuesday.

According to Zacks, “Metropolitan Bank Holding Corp. is the holding company for Metropolitan Commercial Bank(R), The Entrepreneurial Bank. The company is a chartered commercial bank which provides deposits, small business lending, trade finance, cash management solutions, speciality markets, personal checking, savings, electronic banking and prepaid cards. It operates primarily in Manhattan, Boro Park, Brooklyn and Great Neck, Long Island. Metropolitan Bank Holding Corp. is headquartered in New York City. “

Shares of MCB stock opened at $39.45 on Tuesday. The firm has a market cap of $337.48 million and a price-to-earnings ratio of 12.89. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.18 and a quick ratio of 1.18. Metropolitan Bank has a 12 month low of $36.35 and a 12 month high of $55.00.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings results on Wednesday, July 25th. The company reported $0.70 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.11). The business had revenue of $20.04 million for the quarter, compared to the consensus estimate of $22.29 million. Metropolitan Bank had a net margin of 21.51% and a return on equity of 10.85%. Analysts forecast that Metropolitan Bank will post 3.01 EPS for the current year.

In other Metropolitan Bank news, CFO Anthony J. Fabiano purchased 750 shares of the firm’s stock in a transaction on Friday, August 10th. The stock was acquired at an average price of $46.38 per share, for a total transaction of $34,785.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 21.18% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wasatch Advisors Inc. boosted its holdings in Metropolitan Bank by 0.6% during the 2nd quarter. Wasatch Advisors Inc. now owns 212,871 shares of the company’s stock worth $11,171,000 after acquiring an additional 1,249 shares during the last quarter. Northern Trust Corp boosted its holdings in Metropolitan Bank by 3.7% during the 1st quarter. Northern Trust Corp now owns 38,093 shares of the company’s stock worth $1,604,000 after acquiring an additional 1,342 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Metropolitan Bank by 42.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 7,400 shares of the company’s stock worth $312,000 after acquiring an additional 2,200 shares during the last quarter. Bank of America Corp DE boosted its holdings in Metropolitan Bank by 728.0% during the 2nd quarter. Bank of America Corp DE now owns 2,691 shares of the company’s stock worth $141,000 after acquiring an additional 2,366 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Metropolitan Bank during the 2nd quarter worth $215,000. 53.91% of the stock is currently 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.

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