Metropolitan Bank (NYSE:MCB) Announces Earnings Results

Metropolitan Bank (NYSE:MCB) issued its quarterly earnings results on Tuesday. The company reported $1.54 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.76), FiscalAI reports. The firm had revenue of $93.01 million for the quarter, compared to analyst estimates of $93.39 million. Metropolitan Bank had a return on equity of 10.95% and a net margin of 15.89%.

Metropolitan Bank Trading Up 0.4%

Shares of Metropolitan Bank stock opened at $98.92 on Wednesday. Metropolitan Bank has a fifty-two week low of $64.66 and a fifty-two week high of $102.04. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 12.18 and a beta of 1.00. The stock has a 50 day moving average of $94.28 and a 200 day moving average of $89.22.

Metropolitan Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, July 31st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.25. Metropolitan Bank’s payout ratio is 12.32%.

Insider Buying and Selling at Metropolitan Bank

In other news, Director Robert C. Patent sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $96.41, for a total value of $964,100.00. Following the transaction, the director directly owned 86,185 shares in the company, valued at approximately $8,309,095.85. This represents a 10.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nick Rosenberg sold 1,807 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $100.42, for a total value of $181,458.94. Following the transaction, the executive vice president owned 22,202 shares of the company’s stock, valued at approximately $2,229,524.84. This represents a 7.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 19,897 shares of company stock valued at $1,874,352 over the last 90 days. 5.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its stake in Metropolitan Bank by 70.4% in 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 stake in shares of Metropolitan Bank in the third quarter valued at about $48,000. Kestra Advisory Services LLC acquired a new position in shares of Metropolitan Bank in the fourth quarter valued at approximately $51,000. Tower Research Capital LLC TRC raised its stake in shares of Metropolitan Bank by 41.5% during the second 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. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Metropolitan Bank during the second quarter worth $208,000. 79.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MCB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods boosted their price target on Metropolitan Bank from $105.00 to $109.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. 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 started coverage on shares of Metropolitan Bank in a research report on Thursday, April 16th. They set a “neutral” rating and a $97.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Metropolitan Bank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Metropolitan Bank has a consensus rating of “Buy” and a consensus price target of $103.00.

About Metropolitan Bank

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.