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 that occurred on Monday, August 10th. The shares were sold at an average price of $92.29, for a total transaction of $922,900.00. Following the completion of the transaction, the director directly owned 76,185 shares of the company’s stock, valued at $7,031,113.65. This represents a 11.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Metropolitan Bank Stock Up 2.1%

Shares of Metropolitan Bank stock traded up $1.99 during trading hours on Wednesday, reaching $94.91. 83,501 shares of the company were exchanged, compared to its average volume of 158,954. The firm has a market cap of $1.18 billion, a PE ratio of 12.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.97 and a current ratio of 0.97. Metropolitan Bank Holding Corp. has a 1 year low of $64.66 and a 1 year high of $102.04. The stock’s fifty day moving average is $95.16 and its 200 day moving average is $90.51.

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

Metropolitan Bank Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. UBS Group reduced their price objective on Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods cut their target price 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Metropolitan Bank in a report on Friday. Finally, Wall Street Zen cut shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $105.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Emerald Advisers LLC acquired a new stake in Metropolitan Bank in the first quarter valued at about $25,000. Royal Bank of Canada increased its position in Metropolitan Bank by 70.4% during the 4th quarter. Royal Bank of Canada now owns 346 shares of the company’s stock worth $27,000 after purchasing an additional 143 shares during the period. Quarry LP purchased a new position in shares of Metropolitan Bank during the 3rd quarter worth approximately $48,000. Kestra Advisory Services LLC purchased a new position in shares of Metropolitan Bank during the 4th quarter worth approximately $51,000. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Metropolitan Bank by 41.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company’s stock valued at $117,000 after buying an additional 490 shares during the period. 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.