Metropolitan Bank (NYSE:MCB) Posts Earnings Results, Beats Expectations By $0.73 EPS

Metropolitan Bank (NYSE:MCB) released its earnings results on Tuesday. The company reported $2.92 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.73, Zacks reports. The company had revenue of $88.49 million during the quarter, compared to the consensus estimate of $87.33 million. Metropolitan Bank had a return on equity of 11.76% and a net margin of 15.89%.

Metropolitan Bank Trading Down 1.9%

NYSE MCB opened at $87.17 on Thursday. The stock has a 50-day simple moving average of $85.68 and a 200 day simple moving average of $80.79. The company has a market capitalization of $1.08 billion, a PE ratio of 10.74 and a beta of 1.13. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.01. Metropolitan Bank has a 12 month low of $58.21 and a 12 month high of $97.84.

Metropolitan Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 12th. Investors of record on Friday, May 1st will be issued a $0.25 dividend. This is a boost from Metropolitan Bank’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, May 1st. Metropolitan Bank’s dividend payout ratio is currently 12.32%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MCB shares. Keefe, Bruyette & Woods boosted their target price on Metropolitan Bank from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Thursday, January 22nd. Weiss Ratings upgraded Metropolitan Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 6th. UBS Group started coverage on Metropolitan Bank in a research report on Thursday, April 16th. They set a “neutral” rating and a $97.00 target price for the company. Wall Street Zen upgraded Metropolitan Bank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Finally, Zacks Research upgraded Metropolitan Bank from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Metropolitan Bank currently has an average rating of “Buy” and an average price target of $93.67.

Insider Buying and Selling

In related news, Director Robert C. Patent sold 4,445 shares of the company’s stock in a transaction dated Friday, January 23rd. The stock was sold at an average price of $92.28, for a total value of $410,184.60. Following the completion of the sale, the director owned 84,240 shares in the company, valued at approximately $7,773,667.20. This represents a 5.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Metropolitan Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCB. Royal Bank of Canada increased its holdings in Metropolitan Bank by 11.7% in the first quarter. Royal Bank of Canada now owns 7,429 shares of the company’s stock valued at $416,000 after purchasing an additional 778 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 worth $350,000 after acquiring an additional 237 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Metropolitan Bank by 5.3% in the first quarter. Empowered Funds LLC now owns 42,268 shares of the company’s stock worth $2,367,000 after acquiring an additional 2,126 shares in the last quarter. Quantbot Technologies LP increased its holdings in shares of Metropolitan Bank by 39.2% in the second quarter. Quantbot Technologies LP now owns 6,074 shares of the company’s stock worth $425,000 after acquiring an additional 1,709 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Metropolitan Bank by 854.7% in 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 own 79.83% of the company’s stock.

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.