Robert Patent Sells 10,000 Shares of Metropolitan Bank (NYSE:MCB) Stock

Metropolitan Bank Holding Corp. (NYSE:MCB) Director Robert Patent sold 10,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $92.29, for a total transaction of $922,900.00. Following the sale, the director owned 76,185 shares in the company, valued at approximately $7,031,113.65. The trade was a 11.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Metropolitan Bank Price Performance

Shares of NYSE MCB opened at $94.20 on Friday. The firm has a market cap of $1.17 billion, a PE ratio of 11.92 and a beta of 0.99. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. Metropolitan Bank Holding Corp. has a 1-year low of $64.66 and a 1-year high of $102.04. The company has a fifty day moving average price of $95.39 and a 200 day moving average price of $90.54.

Metropolitan Bank (NYSE:MCB) last released its quarterly earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.30 by ($0.76). The firm had revenue of $93.01 million during the quarter, compared to analyst estimates of $93.39 million. Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%.

Metropolitan Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, July 31st. This is a positive change from Metropolitan Bank’s previous quarterly dividend of $0.25. Metropolitan Bank’s dividend payout ratio (DPR) is presently 17.72%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in shares of Metropolitan Bank by 11.7% in the 1st quarter. Royal Bank of Canada now owns 7,429 shares of the company’s stock valued at $416,000 after buying an additional 778 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Metropolitan Bank by 3.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock valued at $350,000 after buying an additional 237 shares in the last quarter. Empowered Funds LLC increased its holdings in Metropolitan Bank by 5.3% during the first quarter. Empowered Funds LLC now owns 42,268 shares of the company’s stock worth $2,367,000 after buying an additional 2,126 shares during the last quarter. Quantbot Technologies LP increased its holdings in Metropolitan Bank by 39.2% during the second quarter. Quantbot Technologies LP now owns 6,074 shares of the company’s stock worth $425,000 after buying an additional 1,709 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Metropolitan Bank by 854.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 41,747 shares of the company’s stock worth $2,922,000 after acquiring an additional 37,374 shares in the last quarter. Institutional investors and hedge funds own 79.83% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MCB. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Metropolitan Bank in a research note on Friday, August 7th. Keefe, Bruyette & Woods lowered their price objective on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Wall Street Zen lowered shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a research report 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 for the company in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $105.00.

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.