Metropolitan Bank (NYSE:MCB) Earns Outperform Rating from Analysts at Hovde Group

Hovde Group assumed coverage on shares of Metropolitan Bank (NYSE:MCB) in a report published on Thursday morning, Marketbeat.com reports. The brokerage issued an outperform rating and a $65.50 target price on the stock.

Several other research firms have also issued reports on MCB. JPMorgan Chase & Co. upped their price objective on Metropolitan Bank from $55.00 to $70.00 and gave the company an overweight rating in a research note on Tuesday, July 23rd. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $67.50 price objective (up from $55.00) on shares of Metropolitan Bank in a research report on Tuesday, July 23rd.

Metropolitan Bank Price Performance

NYSE:MCB opened at $52.42 on Thursday. The stock has a market capitalization of $586.74 million, a PE ratio of 8.62 and a beta of 1.13. Metropolitan Bank has a 1-year low of $30.20 and a 1-year high of $57.69. The firm has a fifty day simple moving average of $50.22 and a 200 day simple moving average of $43.60. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings data on Thursday, July 18th. The company reported $1.50 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.07). Metropolitan Bank had a net margin of 15.22% and a return on equity of 10.47%. The firm had revenue of $121.90 million during the quarter, compared to the consensus estimate of $68.02 million. During the same period last year, the business earned $1.37 EPS. On average, research analysts expect that Metropolitan Bank will post 6.03 EPS for the current fiscal year.

Insider Transactions at Metropolitan Bank

In related news, CEO Mark R. Defazio sold 34,986 shares of Metropolitan Bank stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $55.34, for a total value of $1,936,125.24. Following the transaction, the chief executive officer now directly owns 181,208 shares of the company’s stock, valued at $10,028,050.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Scott Lublin sold 1,005 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $55.11, for a total transaction of $55,385.55. Following the completion of the sale, the executive vice president now directly owns 57,077 shares in the company, valued at approximately $3,145,513.47. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark R. Defazio sold 34,986 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.34, for a total value of $1,936,125.24. Following the completion of the sale, the chief executive officer now directly owns 181,208 shares in the company, valued at $10,028,050.72. The disclosure for this sale can be found here. 6.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 DIFC Ltd acquired a new stake in Metropolitan Bank in the second quarter valued at approximately $27,000. CWM LLC increased its holdings in Metropolitan Bank by 70.1% in the 2nd quarter. CWM LLC now owns 784 shares of the company’s stock worth $33,000 after purchasing an additional 323 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in Metropolitan Bank in the second quarter valued at about $74,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Metropolitan Bank during the first quarter valued at about $103,000. Finally, Point72 Asset Management L.P. grew its holdings in shares of Metropolitan Bank by 104.5% during the second quarter. Point72 Asset Management L.P. now owns 4,500 shares of the company’s stock worth $189,000 after purchasing an additional 2,300 shares during the last quarter. Institutional investors own 79.83% of the company’s stock.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services to small businesses, middle-market enterprises, public entities, and individuals in the New York metropolitan area.