Robert Patent Sells 5,000 Shares of Metropolitan Bank (NYSE:MCB) Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 5,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $90.21, for a total transaction of $451,050.00. Following the completion of the transaction, the director owned 96,185 shares in the company, valued at $8,676,848.85. This trade represents a 4.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Metropolitan Bank Price Performance

Shares of NYSE:MCB opened at $90.69 on Friday. The firm’s 50 day moving average price is $88.23 and its 200-day moving average price is $84.58. Metropolitan Bank Holding Corp. has a twelve month low of $63.81 and a twelve month high of $97.84. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.12 billion, a PE ratio of 11.17 and a beta of 1.01.

Metropolitan Bank (NYSE:MCB) last released its earnings results on Tuesday, April 21st. The company reported $2.92 EPS for the quarter, topping analysts’ consensus estimates of $2.19 by $0.73. Metropolitan Bank had a net margin of 15.89% and a return on equity of 10.95%. The company had revenue of $88.49 million for the quarter, compared to analysts’ expectations of $87.33 million.

Metropolitan Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Shareholders of record on Friday, May 1st were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, May 1st. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.20. Metropolitan Bank’s dividend payout ratio (DPR) is 12.32%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MCB. Wall Street Zen upgraded shares of Metropolitan Bank from a “hold” rating to a “buy” rating in a research note on Saturday, April 4th. Weiss Ratings upgraded shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 11th. UBS Group began coverage on shares of Metropolitan Bank in a research note on Thursday, April 16th. They set a “neutral” rating and a $97.00 target price on the stock. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Metropolitan Bank from $105.00 to $109.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $95.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MCB. Patriot Financial Partners GP II L.P. purchased a new position in shares of Metropolitan Bank in the third quarter valued at $57,229,000. Adage Capital Partners GP L.L.C. boosted its stake in Metropolitan Bank by 114.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 559,479 shares of the company’s stock worth $42,722,000 after buying an additional 299,061 shares during the period. Wellington Management Group LLP boosted its stake in Metropolitan Bank by 66.6% during the fourth quarter. Wellington Management Group LLP now owns 592,799 shares of the company’s stock worth $45,266,000 after buying an additional 236,946 shares during the period. Bank of America Corp DE boosted its stake in Metropolitan Bank by 611.9% during the first quarter. Bank of America Corp DE now owns 141,613 shares of the company’s stock worth $11,795,000 after buying an additional 121,721 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Metropolitan Bank by 53.7% during the third quarter. JPMorgan Chase & Co. now owns 178,363 shares of the company’s stock worth $13,345,000 after buying an additional 62,327 shares during the period. 79.83% of the stock is owned by hedge funds and other institutional investors.

Metropolitan Bank Company Profile

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.