Metropolitan Bank (NYSE:MCB) Price Target Raised to $109.00

Metropolitan Bank (NYSE:MCB) had its target price raised by equities researchers at Keefe, Bruyette & Woods from $105.00 to $109.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 22.69% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. UBS Group assumed 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. Weiss Ratings raised Metropolitan Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, April 6th. Wall Street Zen raised Metropolitan Bank from a “hold” rating to a “buy” rating in a research report on Saturday, April 4th. Finally, Zacks Research raised Metropolitan Bank from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $95.00.

Metropolitan Bank Stock Up 1.4%

MCB traded up $1.21 during midday trading on Thursday, hitting $88.84. 43,468 shares of the company’s stock traded hands, compared to its average volume of 180,376. The company has a market cap of $1.10 billion, a PE ratio of 10.94 and a beta of 1.13. The stock’s fifty day simple moving average is $85.68 and its 200-day simple moving average is $80.79. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.96 and a quick ratio of 0.96. Metropolitan Bank has a one year low of $59.09 and a one year high of $97.84.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings data on Tuesday, April 21st. The company reported $2.92 earnings per share for the quarter, beating the consensus estimate of $2.19 by $0.73. The firm had revenue of $88.49 million for the quarter, compared to analyst estimates of $87.33 million. Metropolitan Bank had a net margin of 15.89% and a return on equity of 11.76%.

Insider Activity at Metropolitan Bank

In other news, Director Robert C. Patent sold 4,445 shares of the company’s stock in a transaction that occurred on Friday, January 23rd. The stock was sold at an average price of $92.28, for a total transaction of $410,184.60. Following the completion of the transaction, the director directly owned 84,240 shares in the company, valued at $7,773,667.20. The trade was a 5.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCB. Royal Bank of Canada lifted its holdings in shares of Metropolitan Bank by 11.7% during the first quarter. Royal Bank of Canada now owns 7,429 shares of the company’s stock worth $416,000 after buying an additional 778 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Metropolitan Bank by 3.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock worth $350,000 after buying an additional 237 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of 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 lifted its holdings in shares of 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 lifted its holdings in shares of 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 buying an additional 37,374 shares during the last quarter. 79.83% of the stock is currently owned by institutional investors and hedge funds.

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.