Insider Selling: Metropolitan Bank (NYSE:MCB) Director Sells 10,000 Shares of Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $96.41, for a total value of $964,100.00. Following the transaction, the director owned 86,185 shares in the company, valued at $8,309,095.85. This represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Metropolitan Bank Stock Performance

NYSE MCB traded down $1.90 on Monday, reaching $94.73. The stock had a trading volume of 68,079 shares, compared to its average volume of 158,682. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.99 and a current ratio of 0.99. Metropolitan Bank Holding Corp. has a 12-month low of $64.25 and a 12-month high of $97.84. The business’s 50-day moving average price is $89.45 and its 200 day moving average price is $85.52. The stock has a market cap of $1.17 billion, a P/E ratio of 11.67 and a beta of 1.01.

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

Metropolitan Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 12th. Stockholders of record on Friday, May 1st were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 1st. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Metropolitan Bank’s dividend payout ratio is presently 12.32%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. UBS Group assumed coverage on Metropolitan Bank in a report on Thursday, April 16th. They issued a “neutral” rating and a $97.00 target price on the stock. Weiss Ratings raised Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. Wall Street Zen raised Metropolitan Bank from a “hold” rating to a “buy” rating in a report on Saturday, April 4th. Finally, Keefe, Bruyette & Woods boosted their target price on Metropolitan Bank from $105.00 to $109.00 and gave the company an “outperform” rating in a 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 given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $95.00.

Institutional Investors Weigh In On Metropolitan Bank

Several institutional investors have recently made changes to their positions in the stock. Patriot Financial Partners GP II L.P. purchased a new stake in shares of Metropolitan Bank during the 3rd quarter worth $57,229,000. Wellington Management Group LLP boosted its position in shares of Metropolitan Bank by 66.6% during the 4th quarter. Wellington Management Group LLP now owns 592,799 shares of the company’s stock worth $45,266,000 after purchasing an additional 236,946 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Metropolitan Bank by 114.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 559,479 shares of the company’s stock worth $42,722,000 after purchasing an additional 299,061 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Metropolitan Bank by 7.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 459,791 shares of the company’s stock worth $38,295,000 after purchasing an additional 32,662 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Metropolitan Bank by 6.4% during the 4th quarter. State Street Corp now owns 346,858 shares of the company’s stock worth $26,486,000 after purchasing an additional 20,750 shares in the last quarter. 79.83% of the stock is currently 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.