Insider Buying: Metropolitan Bank (NYSE:MCB) CFO Purchases $89,980.00 in Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) CFO Daniel Dougherty purchased 1,000 shares of the firm’s stock in a transaction on Thursday, July 23rd. The stock was acquired at an average price of $89.98 per share, for a total transaction of $89,980.00. Following the transaction, the chief financial officer owned 33,197 shares of the company’s stock, valued at $2,987,066.06. The trade was a 3.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Metropolitan Bank Price Performance

Shares of NYSE:MCB opened at $93.19 on Friday. Metropolitan Bank Holding Corp. has a one year low of $64.66 and a one year high of $102.04. The stock has a fifty day moving average of $94.69 and a 200-day moving average of $89.85. The company has a market capitalization of $1.16 billion, a PE ratio of 11.80 and a beta of 1.00. 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 (NYSE:MCB) last issued its earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.76). The company had revenue of $93.01 million during the quarter, compared to analyst estimates of $93.39 million. Metropolitan Bank had a return on equity of 10.72% and a net margin of 14.31%.

Metropolitan Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Investors of record on Friday, July 31st will be given a $0.35 dividend. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, July 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.5%. Metropolitan Bank’s dividend payout ratio is 17.72%.

Hedge Funds Weigh In On Metropolitan Bank

Several institutional investors and hedge funds have recently modified their holdings of the stock. Emerald Advisers LLC purchased a new stake in shares of Metropolitan Bank during the first quarter worth $25,000. Royal Bank of Canada boosted its position in Metropolitan Bank by 70.4% during the fourth quarter. Royal Bank of Canada now owns 346 shares of the company’s stock valued at $27,000 after purchasing an additional 143 shares during the last quarter. Quarry LP purchased a new position in Metropolitan Bank in the third quarter valued at about $48,000. Kestra Advisory Services LLC purchased a new position in Metropolitan Bank in the fourth quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC increased its position in Metropolitan Bank by 41.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company’s stock worth $117,000 after purchasing an additional 490 shares during the last quarter. 79.83% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wall Street Zen downgraded Metropolitan Bank from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Keefe, Bruyette & Woods decreased their target price on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Thursday, July 23rd. UBS Group dropped their target price on shares of Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Weiss Ratings upgraded shares of Metropolitan Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $105.00.

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.