Metropolitan Bank (NYSE:MCB) Announces Earnings Results, Beats Estimates By $0.20 EPS

Metropolitan Bank (NYSE:MCB) released its earnings results on Tuesday. The company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.20, FiscalAI reports. Metropolitan Bank had a return on equity of 10.22% and a net margin of 14.31%. The firm had revenue of $100.56 million during the quarter, compared to analyst estimates of $97.05 million.

Metropolitan Bank Stock Up 2.6%

NYSE:MCB traded up $2.25 during trading hours on Tuesday, hitting $88.78. The company’s stock had a trading volume of 205,804 shares, compared to its average volume of 149,588. Metropolitan Bank has a 52-week low of $64.66 and a 52-week high of $102.04. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $1.10 billion, a P/E ratio of 11.24 and a beta of 1.03. The stock has a fifty day moving average of $89.97 and a 200-day moving average of $91.40.

Metropolitan Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Friday, October 30th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Friday, October 30th. Metropolitan Bank’s dividend payout ratio is 17.72%.

Insiders Place Their Bets

In other Metropolitan Bank news, CFO Daniel F. Dougherty acquired 1,000 shares of the company’s stock in a transaction dated Thursday, July 23rd. The shares were acquired at an average price of $89.98 per share, for a total transaction of $89,980.00. Following the acquisition, the chief financial officer owned 33,197 shares in the company, valued at $2,987,066.06. The trade was a 3.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert C. Patent sold 10,000 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $92.29, for a total value of $922,900.00. Following the sale, the director directly owned 76,185 shares in the company, valued at $7,031,113.65. This trade represents a 11.60% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MCB shares. Keefe, Bruyette & Woods decreased their price objective on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Metropolitan Bank in a research report on Friday, August 7th. Wall Street Zen lowered shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, UBS Group reduced their target price on shares of Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating on the stock in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $105.00.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York. Founded in 1999, the bank provides financial services to businesses, entrepreneurs, institutions and consumers through its branch network and digital banking channels.

Metropolitan Commercial Bank offers commercial and consumer deposit accounts, business and real estate lending, personal loans, cash-management and treasury services, online and mobile banking, and other payment-related solutions.