Metropolitan Bank (NYSE:MCB) Price Target Raised to $83.50

Metropolitan Bank (NYSE:MCB) had its price objective increased by investment analysts at Hovde Group from $75.00 to $83.50 in a research note issued to investors on Monday,Briefing.com Automated Import reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price target indicates a potential upside of 27.00% from the stock’s previous close.

MCB has been the subject of several other reports. Keefe, Bruyette & Woods boosted their price objective on shares of Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler upped their price objective on Metropolitan Bank from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th.

Metropolitan Bank Price Performance

Metropolitan Bank stock opened at $65.75 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.00 and a quick ratio of 1.00. Metropolitan Bank has a one year low of $32.46 and a one year high of $69.56. The firm has a market cap of $736.40 million, a PE ratio of 12.36 and a beta of 1.17. The stock’s fifty day moving average price is $61.98 and its two-hundred day moving average price is $56.04.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.49 by $0.39. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. As a group, research analysts expect that Metropolitan Bank will post 6.31 EPS for the current fiscal year.

Insider Buying and Selling at Metropolitan Bank

In other news, EVP Scott Lublin sold 3,000 shares of the business’s stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $58.77, for a total value of $176,310.00. Following the transaction, the executive vice president now directly owns 52,253 shares of the company’s stock, valued at $3,070,908.81. The trade was a 5.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert C. Patent sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $55.32, for a total value of $55,320.00. Following the completion of the transaction, the director now directly owns 79,133 shares in the company, valued at approximately $4,377,637.56. This trade represents a 1.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,250 shares of company stock worth $313,093 over the last quarter. Corporate insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Basswood Capital Management L.L.C. increased its stake in Metropolitan Bank by 176.8% during the 3rd quarter. Basswood Capital Management L.L.C. now owns 607,805 shares of the company’s stock valued at $31,958,000 after purchasing an additional 388,200 shares in the last quarter. Millennium Management LLC bought a new stake in shares of Metropolitan Bank during the second quarter worth about $4,991,000. Assenagon Asset Management S.A. increased its position in shares of Metropolitan Bank by 112.4% during the third quarter. Assenagon Asset Management S.A. now owns 89,193 shares of the company’s stock worth $4,690,000 after acquiring an additional 47,193 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new stake in shares of Metropolitan Bank in the 3rd quarter worth about $1,893,000. Finally, Marshall Wace LLP lifted its position in Metropolitan Bank by 193.1% in the 2nd quarter. Marshall Wace LLP now owns 50,350 shares of the company’s stock valued at $2,119,000 after acquiring an additional 33,171 shares in the last quarter. 79.83% of the stock is owned by 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.